| (Mark One) | |||||
|
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
|
|
|
||||
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||
|
|
||||||||
|
|
|
|
||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
|
|
|
|
||||||
|
|
|
|
||||||
| interest in a share of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B, $0.01 par value | ||||||||
|
|
☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company |
|
||||||||
| Emerging growth company |
|
||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||
|
1
|
||||||||
| ITEM NUMBER | PAGE | ||||||||||
| PART I. | |||||||||||
| Item 1. | |||||||||||
| Item 1A. | |||||||||||
| Item 1B. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| PART II. | |||||||||||
| Item 5. | |||||||||||
| Item 6. | |||||||||||
| Item 7. | |||||||||||
| Item 7A. | |||||||||||
| Item 8. | |||||||||||
| Item 9. | |||||||||||
| Item 9A. | |||||||||||
| PART III. | |||||||||||
| Item 10. | |||||||||||
| Item 11. | |||||||||||
| Item 12. | |||||||||||
| Item 13. | |||||||||||
| Item 14. | |||||||||||
| PART IV. | |||||||||||
| Item 15. | |||||||||||
|
2
|
||||||||
|
3
|
||||||||
|
4
|
||||||||
|
5
|
||||||||
|
6
|
||||||||
|
7
|
||||||||
|
8
|
||||||||
| Product/Service Model |
AUM/AUA (as of
December 31, 2020) |
Key Market Segments/Product Lines | Primary Internal Revenue Code section | Core Products* | ||||||||||
| Full Service Plans | $165.4 billion** | Small-Mid Corporate | 401(k) |
Voya MAP Select,
Voya Framework |
||||||||||
| K-12 Education | 403(b) |
Voya Custom Choice II,
Voya Retirement Choice II, Voya Framework |
||||||||||||
| Higher Education | 403(b) |
Voya Retirement Choice II, Voya Retirement Plus II,
Voya Framework |
||||||||||||
| Healthcare & Other Non-Profits | 403(b) |
Voya Retirement Choice II, Voya Retirement Plus II,
Voya Framework |
||||||||||||
| Government (local and state) | 457 |
RetireFlex-SA,
RetireFlex-MF, Voya Health Reserve Account, Voya Framework |
||||||||||||
| Recordkeeping Business | $247.3 billion | Small-Mid Corporate | 401(k) | *** | ||||||||||
| Large-Mega Corporate | 401(k) | *** | ||||||||||||
| Government (local and state) | 457 | *** | ||||||||||||
| Stable Value/Other | $44.7 billion**** | Stable Value | ***** | Separate Account and Synthetic GICs | ||||||||||
|
9
|
||||||||
|
10
|
||||||||
|
11
|
||||||||
| Market/Product Segment | Competitive Landscape | Select Competitors | ||||||
| Small-Mid Corporate | Primary competitors are mutual fund companies and insurance-based providers with third-party administration relationships |
Empower
Fidelity |
||||||
| K-12 Education | Primary competitors are insurance-based providers that focus on school districts across the nation |
Equitable
AIG |
||||||
| Higher Education | Competitors are 403(b) plan providers, asset managers and some insurance-based providers |
TIAA
Fidelity |
||||||
| Healthcare & Other Non-Profits | Competition varies across 403(b) plan providers, asset managers and some insurance-based providers |
Fidelity
TIAA |
||||||
| Government | Competitors are primarily insurance-based providers, but also include asset managers and 457 providers |
Empower
Nationwide |
||||||
| Recordkeeping | Competitors are primarily asset managers and business consulting services firms, but also include payroll firms and insurance-based providers |
Fidelity
Empower |
||||||
| Stable Value | Competitors are primarily select insurance companies who are also dedicated to the Stable value market, but also include certain banking institutions |
Prudential
MetLife |
||||||
|
12
|
||||||||
|
13
|
||||||||
|
14
|
||||||||
|
15
|
||||||||
| AUM | Net Flows | ||||||||||
| As of | Year Ended | ||||||||||
| 12/31/2020 | 12/31/2020 | ||||||||||
| $ in billions | $ in millions | ||||||||||
| Investment Platform | |||||||||||
| Fixed income | $ | 149.8 | $ | 13,822 | |||||||
| Equities | 59.6 | (7,381) | |||||||||
| Senior Bank Loans | 24.2 | (1,506) | |||||||||
| Alternatives | 11.9 | 941 | |||||||||
| Total | $ | 245.5 | (1) | $ | 5,876 | ||||||
|
MASS
(1)
|
33.4 | (2,479) | |||||||||
| Client Segment | |||||||||||
| Retail | $ | 75.1 | $ | (4,745) | |||||||
| Institutional | 112.0 | 10,621 | |||||||||
|
General Account
(3)
|
58.4 | (2) | N/A | ||||||||
| Mutual Funds Manager Re-assignments | N/A | — | |||||||||
| Total | $ | 245.5 | $ | 5,876 | |||||||
|
Variable Annuity
(2)
|
28.6 | (2,505) | |||||||||
|
16
|
||||||||
|
17
|
||||||||
| ($ in millions) | Annualized In-Force Premiums | ||||
| Employee Benefits Products | Year Ended December 31, 2020 | ||||
| Stop Loss | $ | 1,096 | |||
| Voluntary Benefits | 472 | ||||
| Group Life | 545 | ||||
| Group Disability | 170 | ||||
| ($ in millions) | Sales | % of Sales | |||||||||
| Channel | Year Ended December 31, 2020 | Year Ended December 31, 2020 | |||||||||
| Brokerage (Commissions Paid) | $ | 408 | 72.6 | % | |||||||
| Benefits Consulting Firms (Fee Based Consulting) | 150 | 26.6 | % | ||||||||
| Non-intermediated Sales | 4 | 0.8 | % | ||||||||
|
18
|
||||||||
|
19
|
||||||||
|
20
|
||||||||
|
21
|
||||||||
|
22
|
||||||||
|
23
|
||||||||
|
24
|
||||||||
|
25
|
||||||||
|
26
|
||||||||
|
27
|
||||||||
|
28
|
||||||||
|
29
|
||||||||
|
30
|
||||||||
|
31
|
||||||||
|
32
|
||||||||
|
33
|
||||||||
|
34
|
||||||||
|
35
|
||||||||
|
36
|
||||||||
|
37
|
||||||||
|
38
|
||||||||
|
39
|
||||||||
|
40
|
||||||||
|
41
|
||||||||
|
42
|
||||||||
|
43
|
||||||||
|
44
|
||||||||
|
45
|
||||||||
|
46
|
||||||||
| Period |
Total Number of Shares Purchased
(1)
|
Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(2)(4)
|
|||||||||||||||||||
|
(in millions)
|
|||||||||||||||||||||||
| October 1, 2020 - October 31, 2020 | 13,419 | $ | 49.49 | — | $ | 284 | |||||||||||||||||
| November 1, 2020 - November 30, 2020 | 30,903 | 57.64 | — | 284 | |||||||||||||||||||
| December 1, 2020 - December 31, 2020 | 2,149,421 | 58.15 |
(3)
|
2,066,472 | 134 | ||||||||||||||||||
| Total | 2,193,743 | $ | 58.09 | 2,066,472 | N/A | ||||||||||||||||||
|
47
|
||||||||
|
48
|
||||||||
|
49
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues: | |||||||||||||||||
|
Net investment income
|
$ | 669 | $ | 665 | $ | 649 | |||||||||||
| Fee income | 778 | 750 | 743 | ||||||||||||||
| Premiums | 26 | 27 | 27 | ||||||||||||||
|
Total net realized capital gains (losses)
|
27 | 45 | (44) | ||||||||||||||
|
Other revenue
|
(16) | (21) | 4 | ||||||||||||||
| Total revenues | 1,484 | 1,466 | 1,379 | ||||||||||||||
| Benefits and expenses: | |||||||||||||||||
| Interest credited and other benefits to contract owners/policyholders | 1,225 | 1,055 | 1,050 | ||||||||||||||
| Operating expenses | 147 | 83 | 96 | ||||||||||||||
|
Net amortization of Deferred policy acquisition costs and Value of business acquired
|
238 | 153 | 135 | ||||||||||||||
| Interest expense | 6 | 10 | 9 | ||||||||||||||
| Total benefits and expenses | 1,616 | 1,301 | 1,290 | ||||||||||||||
| Income (loss) from discontinued operations before income taxes | (132) | 165 | 89 | ||||||||||||||
| Income tax expense (benefit) | (29) | 34 | 17 | ||||||||||||||
|
Loss on sale, net of tax
|
(316) | (1,150) | — | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ | (419) | $ | (1,019) | $ | 72 | |||||||||||
|
50
|
||||||||
| For the 12 Months Ending 12/31/2020 | |||||||||||
| (in millions) | As reported in February 9, 2021 Release | As Reported herein | |||||||||
| Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (158) | $ | (242) | |||||||
| Income from Discontinued Operations, net of tax | (335) | (419) | |||||||||
| Income (loss) before income taxes from continuing operations | 352 | 352 | |||||||||
| Adjusted operating earnings before income taxes | 495 | 495 | |||||||||
| Total Voya Financial, Inc. Shareholders' Equity | 10,245 | 10,110 | |||||||||
| Total Voya Financial, Inc. Shareholders' Equity Excluding AOCI | 5,296 | 5,212 | |||||||||
|
51
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 |
2018
(1)
|
|||||||||||||||
| Revenues: | |||||||||||||||||
| Net investment income | $ | — | $ | — | $ | 510 | |||||||||||
| Fee income | — | — | 295 | ||||||||||||||
| Premiums | — | — | (50) | ||||||||||||||
| Total net realized capital gains (losses) | — | — | (345) | ||||||||||||||
| Other revenue | — | — | 10 | ||||||||||||||
| Total revenues | — | — | 420 | ||||||||||||||
| Benefits and expenses: | |||||||||||||||||
| Interest credited and other benefits to contract owners/policyholders | — | — | 442 | ||||||||||||||
| Operating expenses | — | — | (14) | ||||||||||||||
|
Net amortization of Deferred policy acquisition costs and Value of business acquired
|
— | — | 49 | ||||||||||||||
| Interest expense | — | — | 10 | ||||||||||||||
| Total benefits and expenses | — | — | 487 | ||||||||||||||
| Income (loss) from discontinued operations before income taxes | — | — | (67) | ||||||||||||||
| Income tax expense (benefit) | — | — | (19) | ||||||||||||||
| Loss on sale, net of tax | — | (82) | 401 | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ | — | $ | (82) | $ | 353 | |||||||||||
|
52
|
||||||||
|
53
|
||||||||
|
54
|
||||||||
|
55
|
||||||||
|
56
|
||||||||
| As of December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| AUM and AUA: | |||||||||||
|
Retirement
(1)
|
$ | 520,258 | $ | 440,043 | |||||||
| Investment Management | 301,680 | 272,730 | |||||||||
| Employee Benefits | 1,837 | 1,797 | |||||||||
| Eliminations/Other | (123,587) | (111,783) | |||||||||
|
Total AUM and AUA
(1) (2)
|
$ | 700,188 | $ | 602,787 | |||||||
| AUM | $ | 364,610 | $ | 322,538 | |||||||
|
AUA
(1)
|
335,578 | 280,249 | |||||||||
|
Total AUM and AUA
(1) (2)
|
$ | 700,188 | $ | 602,787 | |||||||
|
57
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| ($ in millions) | 2020 | 2019 | Change | ||||||||||||||
| Revenues: | |||||||||||||||||
|
Net investment income
|
$ | 2,909 | $ | 2,792 | $ | 117 | |||||||||||
|
Fee income
|
2,026 | 1,969 | 57 | ||||||||||||||
| Premiums | 2,416 | 2,273 | 143 | ||||||||||||||
|
Net realized capital gains (losses)
|
(365) | (164) | (201) | ||||||||||||||
| Other revenue | 409 | 465 | (56) | ||||||||||||||
|
Income (loss) related to consolidated investment entities
|
254 | 143 | 111 | ||||||||||||||
| Total revenues | 7,649 | 7,478 | 171 | ||||||||||||||
| Benefits and expenses: | |||||||||||||||||
|
Interest credited and other benefits to contract owners/policyholders
|
4,101 | 3,750 | 351 | ||||||||||||||
| Operating expenses | 2,654 | 2,753 | (99) | ||||||||||||||
|
Net amortization of Deferred policy acquisition costs and Value of business acquired
(1)
|
352 | 182 | 170 | ||||||||||||||
| Interest expense | 159 | 174 | (15) | ||||||||||||||
| Operating expenses related to consolidated investment entities | 31 | 45 | (14) | ||||||||||||||
| Total benefits and expenses | 7,297 | 6,904 | 393 | ||||||||||||||
| Income (loss) from continuing operations before income taxes | 352 | 574 | (222) | ||||||||||||||
| Income tax expense (benefit) | (18) | (217) | 199 | ||||||||||||||
| Income (loss) from continuing operations | 370 | 791 | (421) | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | (419) | (1,101) | 682 | ||||||||||||||
| Net Income (loss) | (49) | (310) | 261 | ||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 157 | 50 | 107 | ||||||||||||||
| Less: Preferred stock dividends | 36 | 28 | 8 | ||||||||||||||
|
Net income (loss) available to our common shareholders
|
$ | (242) | $ | (388) | $ | 146 | |||||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
|
Income (loss) related to businesses exited through reinsurance or divestment
|
$ | (80) | $ | 25 | |||||||
|
Income (loss) related to businesses to be exited through reinsurance or divestment
|
(262) | 73 | |||||||||
|
Total income (loss) related to business exited or to be exited through reinsurance or divestment
|
$ | (342) | $ | 98 | |||||||
|
58
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Revenues related to businesses exited through reinsurance or divestment | $ | 58 | $ | 124 | |||||||
|
Revenues related to businesses to be exited through reinsurance or divestment
|
1,436 | 1,407 | |||||||||
|
Total revenues related to business exited or to be exited through reinsurance or divestment
|
$ | 1,494 | $ | 1,531 | |||||||
|
59
|
||||||||
|
60
|
||||||||
|
61
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Adjusted operating revenues: | |||||||||||
|
Net investment income and net realized gains (losses)
|
$ | 1,742 | $ | 1,750 | |||||||
| Fee income | 877 | 852 | |||||||||
| Premiums | 8 | 5 | |||||||||
| Other revenue | 89 | 105 | |||||||||
|
Total adjusted operating revenues
|
2,717 | 2,712 | |||||||||
| Operating benefits and expenses: | |||||||||||
|
Interest credited and other benefits to contract owners/policyholders
|
961 | 946 | |||||||||
| Operating expenses | 1,075 | 1,046 | |||||||||
| Net amortization of DAC/VOBA | 237 | 132 | |||||||||
| Total operating benefits and expenses | 2,274 | 2,124 | |||||||||
|
Adjusted operating earnings before income taxes
(1)
|
$ | 443 | $ | 588 | |||||||
|
62
|
||||||||
| As of December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Corporate markets | $ | 86,581 | $ | 73,497 | |||||||
| Tax exempt markets | 78,831 | 70,109 | |||||||||
| Total full service plans | 165,412 | 143,606 | |||||||||
|
Stable value
(1)
and pension risk transfer
|
12,040 | 10,298 | |||||||||
| Retail wealth management | 12,126 | 10,843 | |||||||||
| Total AUM | 189,579 | 164,747 | |||||||||
|
AUA
(2)
|
330,679 | 275,296 | |||||||||
| Total AUM and AUA | $ | 520,258 | $ | 440,043 | |||||||
| As of December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| General Account | $ | 34,712 | $ | 32,932 | |||||||
| Separate Account | 85,688 | 77,748 | |||||||||
| Mutual Fund/Institutional Funds | 69,179 | 54,067 | |||||||||
| AUA | 330,679 | 275,296 | |||||||||
| Total AUM and AUA | $ | 520,258 | $ | 440,043 | |||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Balance as of beginning of period | $ | 164,745 | $ | 139,133 | |||||||
| Deposits | 25,160 | 20,563 | |||||||||
| Surrenders, benefits and product charges | (22,709) | (19,666) | |||||||||
| Net flows | 2,451 | 897 | |||||||||
| Interest credited and investment performance | 22,383 | 24,717 | |||||||||
| Balance as of end of period | $ | 189,579 | $ | 164,747 | |||||||
|
63
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
|
Adjusted operating revenues:
|
|||||||||||
|
Net investment income and net realized gains (losses)
|
$ | 15 | $ | 13 | |||||||
| Fee income | 619 | 611 | |||||||||
| Other revenue | 69 | 51 | |||||||||
| Total adjusted operating revenues | 702 | 675 | |||||||||
| Operating benefits and expenses: | |||||||||||
| Operating expenses | 506 | 495 | |||||||||
| Total operating benefits and expenses | 506 | 495 | |||||||||
| Adjusted operating earnings before income taxes | $ | 197 | $ | 180 | |||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
|
Investment Management intersegment revenues
|
$ | 110 | $ | 104 | |||||||
| As of December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Assets under Management | |||||||||||
| External clients: | |||||||||||
|
Institutional
(1)
|
$ | 111,964 | $ | 94,424 | |||||||
|
Retail
(2)
|
75,116 | 72,398 | |||||||||
| Total external clients | 187,080 | 166,822 | |||||||||
| General account | 58,421 | 56,651 | |||||||||
| Total AUM | 245,501 | 223,473 | |||||||||
|
Assets under Administration
(3)
|
56,179 | 49,257 | |||||||||
| Total AUM and AUA | $ | 301,680 | $ | 272,730 | |||||||
|
64
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Net Flows: | |||||||||||
| Institutional | 10,621 | 2,729 | |||||||||
| Retail | (2,240) | (129) | |||||||||
|
Variable annuities
(1)
|
(2,505) | (2,626) | |||||||||
|
Sub-advisor replacements
(2)
|
— | 2,806 | |||||||||
| Total | $ | 5,877 | $ | 2,780 | |||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
|
Adjusted operating revenues:
|
|||||||||||
| Net investment income and net realized gains (losses) | $ | 114 | $ | 114 | |||||||
| Fee income | 61 | 64 | |||||||||
| Premiums | 1,986 | 1,856 | |||||||||
| Other revenue | (7) | (8) | |||||||||
| Total adjusted operating revenues | 2,155 | 2,026 | |||||||||
| Operating benefits and expenses: | |||||||||||
| Interest credited and other benefits to contract owners/policyholders | 1,495 | 1,406 | |||||||||
| Operating expenses | 436 | 405 | |||||||||
| Net amortization of DAC/VOBA | 19 | 16 | |||||||||
| Total operating benefits and expenses | 1,951 | 1,827 | |||||||||
| Adjusted operating earnings before income taxes | $ | 204 | $ | 199 | |||||||
|
65
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Sales by Product Line: | |||||||||||
| Group life and Disability | $ | 119 | $ | 133 | |||||||
| Stop loss | 308 | 282 | |||||||||
| Total group products | 427 | 415 | |||||||||
| Voluntary products | 134 | 114 | |||||||||
| Total sales by product line | $ | 561 | $ | 529 | |||||||
| Total gross premiums and deposits | $ | 2,234 | $ | 2,079 | |||||||
| Group life and Disability | 714 | 710 | |||||||||
| Stop loss | 1,096 | 1,038 | |||||||||
| Voluntary | 472 | 390 | |||||||||
| Total annualized in-force premiums | $ | 2,282 | $ | 2,138 | |||||||
| Loss Ratios: | |||||||||||
| Group life (interest adjusted) | 81.8 | % | 75.6 | % | |||||||
| Stop loss | 77.7 | % | 78.4 | % | |||||||
| Total Loss Ratio | 70.4 | % | 70.2 | % | |||||||
|
66
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
|
Adjusted operating revenues:
|
|||||||||||
| Net investment income and net realized gains (losses) | $ | 16 | $ | 54 | |||||||
| Premiums | — | 3 | |||||||||
| Other revenue | 5 | 40 | |||||||||
| Total adjusted operating revenues | 21 | 97 | |||||||||
| Operating benefits and expenses: | |||||||||||
| Interest credited and other benefits to contract owners/policyholders | 18 | 42 | |||||||||
|
Operating expenses
(1)
|
142 | 225 | |||||||||
|
Interest Expense
(2)
|
210 | 206 | |||||||||
| Total operating benefits and expenses | 369 | 473 | |||||||||
| Adjusted operating earnings before income taxes | $ | (349) | $ | (376) | |||||||
|
67
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Retirement: | |||||||||||
| Alternative investment income | $ | 107 | $ | 84 | |||||||
| Average alternative investments | 878 | 758 | |||||||||
| Investment Management: | |||||||||||
| Alternative investment income | 15 | 13 | |||||||||
| Average alternative investments | 237 | 223 | |||||||||
| Employee Benefits: | |||||||||||
| Alternative investment income | 13 | 10 | |||||||||
| Average alternative investments | 99 | 86 | |||||||||
|
68
|
||||||||
| Year Ended December 31, | |||||||||||
| ($ in millions) | 2020 | 2019 | |||||||||
| Retirement | $ | (149) | $ | (30) | |||||||
| Total DAC/VOBA and other intangibles unlocking | $ | (149) | $ | (30) | |||||||
|
69
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| ($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Beginning cash and cash equivalents balance | $ | 212 | $ | 209 | $ | 244 | |||||||||||
| Sources: | |||||||||||||||||
| Proceeds from loans from subsidiaries, net of repayments | 584 | 65 | — | ||||||||||||||
| Dividends and returns of capital from subsidiaries | 294 | 1,064 | 1,207 | ||||||||||||||
| Repayment of loans to subsidiaries, net of new issuances | — | — | 111 | ||||||||||||||
| Proceeds from 2048 Notes offering | — | — | 350 | ||||||||||||||
| Proceeds from issuance of preferred stock, net | — | 293 | 319 | ||||||||||||||
| Amounts received from subsidiaries under tax sharing agreements, net | 231 | — | 63 | ||||||||||||||
| Refund of income taxes, net | 112 | 128 | — | ||||||||||||||
| Proceeds from sale of equity securities, net | — | 121 | — | ||||||||||||||
| Sale of short-term investments | — | — | 212 | ||||||||||||||
| Other, net | 30 | 15 | 1 | ||||||||||||||
| Total sources | 1,251 | 1,686 | 2,263 | ||||||||||||||
| Uses: | |||||||||||||||||
| Repurchase of Senior Notes | — | 97 | 266 | ||||||||||||||
| Premium paid and other fees related to debt extinguishment | — | 9 | 20 | ||||||||||||||
| Payment of interest expense | 132 | 136 | 152 | ||||||||||||||
|
Capital provided to subsidiaries
(1)
|
441 | 3 | 55 | ||||||||||||||
| Repayments of loans from subsidiaries, net of new issuances | — | — | 414 | ||||||||||||||
| New issuances of loans to subsidiaries, net of repayments | 16 | 85 | — | ||||||||||||||
| Amounts paid to subsidiaries under tax sharing arrangements, net | — | 123 | — | ||||||||||||||
| Payment of income taxes, net | — | — | 1 | ||||||||||||||
| Debt issuance costs | — | — | 6 | ||||||||||||||
| Common stock acquired - Share repurchase | 516 | 1,136 | 1,025 | ||||||||||||||
| Share-based compensation | 17 | 22 | 14 | ||||||||||||||
| Dividends paid on preferred stock | 36 | 28 | — | ||||||||||||||
| Dividends paid on common stock | 76 | 44 | 6 | ||||||||||||||
| Maturity of 2018 Notes | — | — | 337 | ||||||||||||||
| Acquisition of equity securities, net | — | — | 2 | ||||||||||||||
| Other, net | — | — | — | ||||||||||||||
| Total uses | 1,234 | 1,683 | 2,298 | ||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 17 | 3 | (35) | ||||||||||||||
| Ending cash and cash equivalents balance | $ | 229 | $ | 212 | $ | 209 | |||||||||||
|
70
|
||||||||
| ($ in millions) | Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Dividends paid on common shares | $ | 76 | $ | 44 | $ | 6 | |||||||||||
| Repurchases of common shares (at cost) | 526 | 1,096 | 1,125 | ||||||||||||||
| Total | $ | 602 | $ | 1,140 | $ | 1,131 | |||||||||||
| ($ in millions) | Beginning Balance | Issuance | Maturities and Repayment | Other Changes | Ending Balance | ||||||||||||||||||||||||
| Total long-term debt | $ | 3,042 | $ | — | $ | — | $ | 2 | $ | 3,044 | |||||||||||||||||||
| ($ in millions) | Beginning Balance | Issuance | Maturities and Repayment | Other Changes | Ending Balance | ||||||||||||||||||||||||
| Total long-term debt | $ | 3,136 | $ | — | $ | (96) | $ | 2 | $ | 3,042 | |||||||||||||||||||
|
71
|
||||||||
|
72
|
||||||||
|
73
|
||||||||
| Rating Agency | ||||||||||||||||||||||||||
| A.M. Best | Fitch, Inc. | Moody's Investors Service, Inc. | Standard & Poor's | |||||||||||||||||||||||
|
("A.M. Best")
(1)
|
("Fitch")
(2)
|
("Moody's")
(3)
|
("S&P")
(4)
|
|||||||||||||||||||||||
| Long-term Issuer Credit Rating/Outlook: | ||||||||||||||||||||||||||
| Voya Financial, Inc. |
(5)
|
BBB+/stable | Baa2/stable | BBB+/Stable | ||||||||||||||||||||||
| Financial Strength Rating/Outlook: | ||||||||||||||||||||||||||
| Voya Retirement Insurance and Annuity Company |
(5)
|
A/stable | A2/stable | A+/Stable | ||||||||||||||||||||||
| ReliaStar Life Insurance Company | A/stable | A/stable | A2/stable | A+/Stable | ||||||||||||||||||||||
| ReliaStar Life Insurance Company of New York | A/stable | A/stable | A2/stable | A+/Stable | ||||||||||||||||||||||
|
74
|
||||||||
|
75
|
||||||||
| Dividends Permitted without Approval | Dividends Paid | Extraordinary Distributions Paid | |||||||||||||||||||||||||||||||||
| Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| ($ in millions) | 2021 | 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
| Subsidiary Name (State of domicile): | |||||||||||||||||||||||||||||||||||
| Voya Retirement Insurance and Annuity Company (CT) | $ | 372 | $ | 295 | $ | 294 | 396 | $ | — | $ | — | ||||||||||||||||||||||||
| Security Life of Denver Insurance Company (CO) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| ReliaStar Life Insurance Company (MN) | — | — | — | — | — | 360 | |||||||||||||||||||||||||||||
|
76
|
||||||||
|
($ in millions)
|
($ in millions)
|
|||||||||||||||||||||||||||||||
| As of December 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||||||||
| CAL | TAC | Ratio | CAL | TAC | Ratio | |||||||||||||||||||||||||||
| $ | 767 | $ | 3,823 | 498 | % | $ | 1,046 | $ | 5,126 | 490 | % | |||||||||||||||||||||
| ($ in millions) | Total |
Less than
1 Year |
1-3 Years | 3-5 Years |
More than
5 Years |
||||||||||||||||||||||||
| Contractual Obligations: | |||||||||||||||||||||||||||||
|
Purchase obligations
(1)
|
$ | 1,010 | $ | 970 | $ | 40 | $ | — | $ | — | |||||||||||||||||||
|
Reserves for insurance obligations
(2)(3)
|
60,095 | 4,040 | 6,654 | 6,587 | 42,814 | ||||||||||||||||||||||||
|
Retirement and other plans
(4)
|
1,727 | 146 | 308 | 322 | 951 | ||||||||||||||||||||||||
|
Short-term and long-term debt obligations
(5)
|
6,498 | 155 | 461 | 721 | 5,161 | ||||||||||||||||||||||||
|
Operating leases
(6)
|
152 | 31 | 56 | 34 | 31 | ||||||||||||||||||||||||
|
Finance leases
(7)
|
54 | 26 | 28 | — | — | ||||||||||||||||||||||||
|
Securities lending, repurchase agreements and collateral held
(8)
|
449 | 345 | — | — | 104 | ||||||||||||||||||||||||
|
Total
(9)
|
$ | 69,985 | $ | 5,713 | $ | 7,547 | $ | 7,664 | $ | 49,061 | |||||||||||||||||||
|
77
|
||||||||
|
78
|
||||||||
|
79
|
||||||||
|
80
|
||||||||
| ($ in millions) | As of December 31, 2020 | ||||
|
Continuing Operations
(1)
|
|||||
| Decrease in long-term equity rate of return assumption by 100 basis points | $ | (32) | |||
| A change to the long-term interest rate assumption of -50 basis points | (53) | ||||
| A change to the long-term interest rate assumption of +50 basis points | 46 | ||||
| An assumed increase in future mortality by 1% | (11) | ||||
|
81
|
||||||||
|
82
|
||||||||
|
83
|
||||||||
| (Gain)/Loss Recognized ($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Discount Rate | $ | 208 | $ | 292 | $ | (160) | |||||||||||
| Asset Returns | (190) | (263) | 207 | ||||||||||||||
| Mortality Table Assumptions | (21) | (22) | (6) | ||||||||||||||
| Demographic Data and other | 1 | (11) | 9 | ||||||||||||||
| Total Net Actuarial (Gain)/Loss Recognized | $ | (2) | $ | (4) | $ | 50 | |||||||||||
|
84
|
||||||||
| ($ in millions) |
Increase (Decrease) in
Net Periodic Benefit Cost-Pension Plans |
||||
| Increase in discount rate by 100 basis points | $ | (292) | |||
| Decrease in discount rate by 100 basis points | 363 | ||||
| ($ in millions) |
Increase (Decrease) in
Pension Benefit Obligation |
||||
| Increase in discount rate by 100 basis points | $ | (292) | |||
| Decrease in discount rate by 100 basis points | 363 | ||||
| ($ in millions) | Increase (Decrease) in Net Periodic Benefit Cost-Pension Plans | ||||
| Increase in actual rate of return by 100 basis points | $ | (19) | |||
| Decrease in actual rate of return by 100 basis points | 19 | ||||
|
85
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
| ($ in millions) |
Carrying
Value |
% of Total |
Carrying
Value |
% of Total | |||||||||||||||||||
|
Fixed maturities, available-for-sale, excluding securities pledged
|
$ | 43,569 | 76.6 | % | $ | 39,663 | 74.0 | % | |||||||||||||||
|
Fixed maturities, at fair value using the fair value option
|
3,011 | 5.3 | % | 2,707 | 5.0 | % | |||||||||||||||||
|
Equity securities, available-for-sale
|
242 | 0.4 | % | 196 | 0.4 | % | |||||||||||||||||
|
Short-term investments
(1)
|
111 | 0.2 | % | 68 | 0.1 | % | |||||||||||||||||
| Mortgage loans on real estate | 6,741 | 11.9 | % | 6,878 | 12.8 | % | |||||||||||||||||
| Policy loans | 718 | 1.3 | % | 776 | 1.4 | % | |||||||||||||||||
|
Limited partnerships/corporations
|
1,476 | 2.5 | % | 1,290 | 2.4 | % | |||||||||||||||||
| Derivatives | 215 | 0.4 | % | 316 | 0.6 | % | |||||||||||||||||
| Other investments | 319 | 0.6 | % | 385 | 0.7 | % | |||||||||||||||||
|
Securities pledged
|
449 | 0.8 | % | 1,408 | 2.6 | % | |||||||||||||||||
| Total investments | $ | 56,851 | 100.0 | % | $ | 53,687 | 100.0 | % | |||||||||||||||
|
86
|
||||||||
| December 31, 2020 | |||||||||||||||||||||||
| ($ in millions) | Amortized Cost | % of Total | Fair Value | % of Total | |||||||||||||||||||
| Fixed maturities: | |||||||||||||||||||||||
|
U.S. Treasuries
|
$ | 1,033 | 2.5 | % | $ | 1,471 | 3.1 | % | |||||||||||||||
|
U.S. Government agencies and authorities
|
74 | 0.2 | % | 102 | 0.2 | % | |||||||||||||||||
| State, municipalities and political subdivisions | 1,166 | 2.9 | % | 1,346 | 2.9 | % | |||||||||||||||||
| U.S. corporate public securities | 13,366 | 32.7 | % | 16,387 | 34.9 | % | |||||||||||||||||
| U.S. corporate private securities | 5,653 | 13.8 | % | 6,446 | 13.7 | % | |||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
4,023 | 9.8 | % | 4,736 | 10.0 | % | |||||||||||||||||
|
Foreign corporate private securities
(1)
|
4,220 | 10.3 | % | 4,646 | 9.9 | % | |||||||||||||||||
| Residential mortgage-backed securities | 5,370 | 13.1 | % | 5,626 | 12.0 | % | |||||||||||||||||
| Commercial mortgage-backed securities | 3,882 | 9.5 | % | 4,131 | 8.8 | % | |||||||||||||||||
| Other asset-backed securities | 2,110 | 5.2 | % | 2,138 | 4.5 | % | |||||||||||||||||
| Total fixed maturities, including securities pledged | $ | 40,897 | 100.0 | % | $ | 47,029 | 100.0 | % | |||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| ($ in millions) | Amortized Cost | % of Total | Fair Value | % of Total | |||||||||||||||||||
| Fixed maturities: | |||||||||||||||||||||||
| U.S. Treasuries | $ | 1,074 | 2.7 | % | $ | 1,382 | 3.2 | % | |||||||||||||||
| U.S. Government agencies and authorities | 74 | 0.2 | % | 95 | 0.2 | % | |||||||||||||||||
| State, municipalities and political subdivisions | 1,220 | 3.1 | % | 1,323 | 3.0 | % | |||||||||||||||||
| U.S. corporate public securities | 12,980 | 32.5 | % | 14,938 | 34.0 | % | |||||||||||||||||
| U.S. corporate private securities | 5,568 | 14.0 | % | 6,035 | 13.8 | % | |||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
3,887 | 9.8 | % | 4,341 | 10.0 | % | |||||||||||||||||
|
Foreign corporate private securities
(1)
|
4,545 | 11.4 | % | 4,831 | 11.0 | % | |||||||||||||||||
| Residential mortgage-backed securities | 4,999 | 12.6 | % | 5,204 | 11.9 | % | |||||||||||||||||
| Commercial mortgage-backed securities | 3,402 | 8.5 | % | 3,574 | 8.2 | % | |||||||||||||||||
| Other asset-backed securities | 2,058 | 5.2 | % | 2,055 | 4.7 | % | |||||||||||||||||
| Total fixed maturities, including securities pledged | $ | 39,807 | 100.0 | % | $ | 43,778 | 100.0 | % | |||||||||||||||
|
87
|
||||||||
| ($ in millions) | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
| NAIC Quality Designation | 1 | 2 | 3 | 4 | 5 | 6 | Total Fair Value | ||||||||||||||||||||||||||||||||||
| U.S. Treasuries | $ | 1,471 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,471 | |||||||||||||||||||||||||||
| U.S. Government agencies and authorities | 102 | — | — | — | — | — | 102 | ||||||||||||||||||||||||||||||||||
| State, municipalities and political subdivisions | 1,214 | 128 | 4 | — | — | — | 1,346 | ||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | 6,275 | 9,258 | 757 | 84 | 13 | — | 16,387 | ||||||||||||||||||||||||||||||||||
| U.S. corporate private securities | 2,296 | 3,627 | 390 | 119 | 14 | — | 6,446 | ||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
1,707 | 2,759 | 235 | 35 | — | — | 4,736 | ||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
418 | 3,863 | 145 | 220 | — | — | 4,646 | ||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities | 5,265 | 236 | 78 | 1 | 22 | 24 | 5,626 | ||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | 3,712 | 346 | 63 | 10 | — | — | 4,131 | ||||||||||||||||||||||||||||||||||
| Other asset-backed securities | 1,843 | 227 | 12 | 13 | 41 | 2 | 2,138 | ||||||||||||||||||||||||||||||||||
| Total fixed maturities | $ | 24,303 | $ | 20,444 | $ | 1,684 | $ | 482 | $ | 90 | $ | 26 | $ | 47,029 | |||||||||||||||||||||||||||
|
% of Fair Value
|
51.7% | 43.4% | 3.6% | 1.0% | 0.2% | 0.1% | 100.0% | ||||||||||||||||||||||||||||||||||
|
88
|
||||||||
| ($ in millions) | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
| NAIC Quality Designation | 1 | 2 | 3 | 4 | 5 | 6 | Total Fair Value | ||||||||||||||||||||||||||||||||||
| U.S. Treasuries | $ | 1,382 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,382 | |||||||||||||||||||||||||||
| U.S. Government agencies and authorities | 95 | — | — | — | — | — | 95 | ||||||||||||||||||||||||||||||||||
| State, municipalities and political subdivisions | 1,200 | 121 | — | — | — | 2 | 1,323 | ||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | 6,783 | 7,327 | 682 | 124 | 22 | — | 14,938 | ||||||||||||||||||||||||||||||||||
| U.S. corporate private securities | 2,095 | 3,620 | 157 | 148 | 15 | — | 6,035 | ||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
1,758 | 2,389 | 148 | 46 | — | — | 4,341 | ||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
505 | 4,050 | 232 | 44 | — | — | 4,831 | ||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities | 5,030 | 111 | 18 | 1 | 19 | 25 | 5,204 | ||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | 3,166 | 322 | 66 | 12 | 8 | — | 3,574 | ||||||||||||||||||||||||||||||||||
| Other asset-backed securities | 1,765 | 209 | 21 | 3 | 57 | — | 2,055 | ||||||||||||||||||||||||||||||||||
| Total fixed maturities | $ | 23,779 | $ | 18,149 | $ | 1,324 | $ | 378 | $ | 121 | $ | 27 | $ | 43,778 | |||||||||||||||||||||||||||
| % of Fair Value | 54.2% | 41.5% | 3.0% | 0.9% | 0.3% | 0.1% | 100.0% | ||||||||||||||||||||||||||||||||||
|
89
|
||||||||
| ($ in millions) | December 31, 2020 | ||||||||||||||||||||||||||||||||||
| ARO Quality Ratings | AAA | AA | A | BBB | BB and Below | Total Fair Value | |||||||||||||||||||||||||||||
| U.S. Treasuries | $ | 1,471 | $ | — | $ | — | $ | — | $ | — | $ | 1,471 | |||||||||||||||||||||||
| U.S. Government agencies and authorities | 95 | 7 | — | — | — | 102 | |||||||||||||||||||||||||||||
| State, municipalities and political subdivisions | 84 | 769 | 354 | 135 | 4 | 1,346 | |||||||||||||||||||||||||||||
| U.S. corporate public securities | 168 | 933 | 5,928 | 8,575 | 783 | 16,387 | |||||||||||||||||||||||||||||
| U.S. corporate private securities | 109 | 156 | 2,011 | 3,685 | 485 | 6,446 | |||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
14 | 386 | 1,430 | 2,601 | 305 | 4,736 | |||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
— | 49 | 390 | 3,868 | 339 | 4,646 | |||||||||||||||||||||||||||||
| Residential mortgage-backed securities | 3,976 | 340 | 143 | 299 | 868 | 5,626 | |||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | 1,543 | 484 | 845 | 1,098 | 161 | 4,131 | |||||||||||||||||||||||||||||
| Other asset-backed securities | 414 | 490 | 913 | 223 | 98 | 2,138 | |||||||||||||||||||||||||||||
| Total fixed maturities | $ | 7,874 | $ | 3,614 | $ | 12,014 | $ | 20,484 | $ | 3,043 | $ | 47,029 | |||||||||||||||||||||||
| % of Fair Value | 16.7% | 7.7% | 25.5% | 43.6% | 6.5% | 100.0% | |||||||||||||||||||||||||||||
| ($ in millions) | December 31, 2019 | ||||||||||||||||||||||||||||||||||
| ARO Quality Ratings | AAA | AA | A | BBB | BB and Below | Total Fair Value | |||||||||||||||||||||||||||||
| U.S. Treasuries | $ | 1,382 | $ | — | $ | — | $ | — | $ | — | $ | 1,382 | |||||||||||||||||||||||
| U.S. Government agencies and authorities | 89 | 6 | — | — | — | 95 | |||||||||||||||||||||||||||||
| State, municipalities and political subdivisions | 83 | 757 | 360 | 121 | 2 | 1,323 | |||||||||||||||||||||||||||||
| U.S. corporate public securities | 152 | 924 | 5,715 | 7,373 | 774 | 14,938 | |||||||||||||||||||||||||||||
| U.S. corporate private securities | 148 | 184 | 1,882 | 3,494 | 327 | 6,035 | |||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
13 | 377 | 1,353 | 2,378 | 220 | 4,341 | |||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
— | — | 591 | 4,022 | 218 | 4,831 | |||||||||||||||||||||||||||||
| Residential mortgage-backed securities | 3,768 | 175 | 110 | 383 | 768 | 5,204 | |||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | 1,397 | 365 | 872 | 777 | 163 | 3,574 | |||||||||||||||||||||||||||||
| Other asset-backed securities | 393 | 411 | 920 | 215 | 116 | 2,055 | |||||||||||||||||||||||||||||
| Total fixed maturities | $ | 7,425 | $ | 3,199 | $ | 11,803 | $ | 18,763 | $ | 2,588 | $ | 43,778 | |||||||||||||||||||||||
| % of Fair Value | 17.0 | % | 7.3 | % | 27.0 | % | 42.8 | % | 5.9 | % | 100.0 | % | |||||||||||||||||||||||
|
90
|
||||||||
| ($ in millions) | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAIC Rating (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value % | Unrealized Capital Gain/Loss |
%
Public |
%
Private |
1 | 2 | 3 | 4-6 | |||||||||||||||||||||||||||||||||||||||||||||
| Energy | $ | 3,040 | 6.4 | % | $ | 446 | 73 | % | 27 | % | 21.0 | % | 62.8 | % | 13.6 | % | 2.6 | % | |||||||||||||||||||||||||||||||||||
|
Midstream
|
1,287 | 2.7 | % | 200 | 69 | % | 31 | % | 5.3 | % | 81.8 | % | 12.6 | % | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Independent Energy | 676 | 1.4 | % | 78 | 75 | % | 25 | % | 33.9 | % | 27.3 | % | 27.9 | % | 10.9 | % | |||||||||||||||||||||||||||||||||||||
| Integrated Energy | 610 | 1.3 | % | 102 | 83 | % | 17 | % | 50.1 | % | 43.5 | % | 6.4 | % | — | % | |||||||||||||||||||||||||||||||||||||
| Refining | 228 | 0.5 | % | 45 | 86 | % | 14 | % | — | % | 97.3 | % | 2.7 | % | — | % | |||||||||||||||||||||||||||||||||||||
| Oil Field Services | 238 | 0.5 | % | 21 | 51 | % | 49 | % | 15.4 | % | 77.0 | % | 7.2 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Metals | 751 | 1.6 | % | 146 | 71 | % | 29 | % | 14.0 | % | 77.2 | % | 8.4 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Airlines/Aircraft Leasing | 336 | 0.7 | % | (6) | 48 | % | 52 | % | 21.5 | % | 44.4 | % | 12.3 | % | 21.8 | % | |||||||||||||||||||||||||||||||||||||
| Restaurants | 337 | 0.7 | % | 38 | 91 | % | 9 | % | 5.9 | % | 88.4 | % | 0.1 | % | 5.6 | % | |||||||||||||||||||||||||||||||||||||
| Airports | 185 | 0.4 | % | 21 | 50 | % | 50 | % | 25.1 | % | 60.9 | % | 14.0 | % | — | % | |||||||||||||||||||||||||||||||||||||
| Lodging | 234 | 0.5 | % | — | 83 | % | 17 | % | 71.6 | % | 16.6 | % | 11.1 | % | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Automotive | 452 | 1.0 | % | 48 | 58 | % | 42 | % | 22.8 | % | 61.7 | % | 12.5 | % | 3.0 | % | |||||||||||||||||||||||||||||||||||||
| Retailers | 1,232 | 2.7 | % | 219 | 87 | % | 13 | % | 48.3 | % | 49.6 | % | 1.2 | % | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| COVID-19 Subtotal | 6,567 | 14.0 | % | 912 | 74.0 | % | 26 | % | 31.5 | % | 58.7 | % | 6.5 | % | 3.3 | % | |||||||||||||||||||||||||||||||||||||
| Remaining Portfolio | 40,462 | 86.0 | % | 5,226 | 77 | % | 23 | % | 55.7 | % | 40.7 | % | 2.6 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||
|
Grand Total
|
47,029 | 100 | % | 6,138 | 76 | % | 24 | % | 51.7 | % | 43.5 | % | 3.6 | % | 1.2 | % | |||||||||||||||||||||||||||||||||||||
|
91
|
||||||||
| ($ in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
| Sector Type | Amortized Cost | Fair Value | % Fair Value | Amortized Cost | Fair Value | % Fair Value | ||||||||||||||||||||||||||||||||
| Midstream | $ | 1,087 | $ | 1,287 | 42.3 | % | $ | 1,132 | $ | 1,284 | 40.6 | % | ||||||||||||||||||||||||||
| Integrated Energy | 509 | 611 | 20.1 | % | 485 | 566 | 17.9 | % | ||||||||||||||||||||||||||||||
| Independent Energy | 598 | 676 | 22.2 | % | 696 | 755 | 23.9 | % | ||||||||||||||||||||||||||||||
| Oil Field Services | 217 | 238 | 7.8 | % | 302 | 309 | 9.8 | % | ||||||||||||||||||||||||||||||
| Refining | 183 | 228 | 7.6 | % | 204 | 246 | 7.8 | % | ||||||||||||||||||||||||||||||
| Total | $ | 2,594 | $ | 3,040 | 100.0 | % | $ | 2,819 | $ | 3,160 | 100.0 | % | ||||||||||||||||||||||||||
|
92
|
||||||||
| ($ in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
| NAIC Quality Designation | Amortized Cost | Fair Value | % Fair Value | Amortized Cost | Fair Value | % Fair Value | ||||||||||||||||||||||||||||||||
| 1 | $ | 3,182 | $ | 3,333 | 90.4 | % | $ | 3,131 | $ | 3,273 | 95.4 | % | ||||||||||||||||||||||||||
| 2 | 232 | 235 | 6.4 | % | 104 | 105 | 3.1 | % | ||||||||||||||||||||||||||||||
| 3 | 72 | 75 | 2.0 | % | 12 | 12 | 0.3 | % | ||||||||||||||||||||||||||||||
| 4 | — | — | — | % | — | — | — | % | ||||||||||||||||||||||||||||||
| 5 | 11 | 22 | 0.6 | % | 8 | 18 | 0.5 | % | ||||||||||||||||||||||||||||||
| 6 | 17 | 23 | 0.6 | % | 19 | 25 | 0.7 | % | ||||||||||||||||||||||||||||||
| Total | $ | 3,514 | $ | 3,688 | 100.0 | % | $ | 3,274 | $ | 3,433 | 100.0 | % | ||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
| ($ in millions) |
Notional
Amount |
Asset
Fair Value |
Liability
Fair
Value
|
Notional
Amount |
Asset
Fair Value |
Liability
Fair Value |
|||||||||||||||||||||||||||||
| Derivatives non-qualifying for hedge accounting: | |||||||||||||||||||||||||||||||||||
| Interest Rate Contracts | $ | 12,381 | $ | 60 | $ | 214 | $ | 13,772 | $ | 58 | $ | 131 | |||||||||||||||||||||||
| ($ in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
| Tranche Type | Amortized Cost | Fair Value | % Fair Value | Amortized Cost | Fair Value | % Fair Value | ||||||||||||||||||||||||||||||||
| Inverse Floater | $ | 204 | $ | 282 | 7.7 | % | $ | 273 | $ | 350 | 10.2 | % | ||||||||||||||||||||||||||
| Interest Only (IO) | 358 | 362 | 9.8 | % | 179 | 183 | 5.3 | % | ||||||||||||||||||||||||||||||
| Inverse IO | 1,741 | 1,819 | 49.3 | % | 1,615 | 1,681 | 49.1 | % | ||||||||||||||||||||||||||||||
| Principal Only (PO) | 185 | 193 | 5.2 | % | 230 | 235 | 6.8 | % | ||||||||||||||||||||||||||||||
| Floater | 9 | 9 | 0.2 | % | 11 | 12 | 0.3 | % | ||||||||||||||||||||||||||||||
| Agency Credit Risk Transfer | 968 | 973 | 26.4 | % | 957 | 962 | 28.0 | % | ||||||||||||||||||||||||||||||
| Other | 49 | 50 | 1.4 | % | 9 | 10 | 0.3 | % | ||||||||||||||||||||||||||||||
| Total | $ | 3,514 | $ | 3,688 | 100.0 | % | $ | 3,274 | $ | 3,433 | 100.0 | % | ||||||||||||||||||||||||||
|
93
|
||||||||
| Year Ended December 31, | |||||||||||||||||
|
($ in millions)
|
2020 | 2019 | 2018 | ||||||||||||||
| Net investment income | $ | 667 | $ | 452 | $ | 461 | |||||||||||
|
Net realized capital gains (losses)
(1)
|
(385) | (203) | (344) | ||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 282 | $ | 249 | $ | 117 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| ($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 282 | $ | 249 | $ | 74 | |||||||||||
| Realized gains/(losses) including impairment | 8 | 3 | 15 | ||||||||||||||
| Fair value adjustments | (112) | (62) | 107 | ||||||||||||||
| Total adjustments to income (loss) from continuing operations | (104) | (59) | 122 | ||||||||||||||
|
Total
(1)
|
$ | 178 | $ | 190 | $ | 196 | |||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| ($ in millions) | Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives | Fair Value | ||||||||||||||||||||||||
| Prime Agency | $ | 2,966 | $ | 168 | $ | 2 | $ | 10 | $ | 3,142 | |||||||||||||||||||
| Prime Non-Agency | 2,271 | 75 | 13 | 2 | 2,335 | ||||||||||||||||||||||||
| Alt-A | 114 | 10 | 2 | 8 | 130 | ||||||||||||||||||||||||
|
Sub-Prime
(1)
|
47 | 6 | — | — | 53 | ||||||||||||||||||||||||
| Total RMBS | $ | 5,398 | $ | 259 | $ | 17 | $ | 20 | $ | 5,660 | |||||||||||||||||||
|
(1)
Includes subprime other asset backed securities.
|
|||||||||||||||||||||||||||||
|
94
|
||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| ($ in millions) | Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives | Fair Value | ||||||||||||||||||||||||
| Prime Agency | $ | 2,783 | $ | 137 | $ | 3 | $ | 10 | $ | 2,927 | |||||||||||||||||||
| Prime Non-Agency | 2,062 | 47 | 10 | 2 | 2,101 | ||||||||||||||||||||||||
| Alt-A | 133 | 14 | — | 8 | 155 | ||||||||||||||||||||||||
|
Sub-Prime
(1)
|
52 | 6 | 1 | — | 57 | ||||||||||||||||||||||||
| Total RMBS | $ | 5,030 | $ | 204 | $ | 14 | $ | 20 | $ | 5,240 | |||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
| ($ in millions) | AAA | AA | A | BBB | BB and Below | Total | ||||||||||||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
| 2013 and prior | $ | 271 | $ | 319 | $ | 70 | $ | 72 | $ | 119 | $ | 123 | $ | 121 | $ | 119 | $ | 16 | $ | 15 | $ | 597 | $ | 648 | ||||||||||||||
| 2014 | 316 | 372 | 55 | 56 | 43 | 45 | 22 | 22 | 31 | 30 | 467 | 525 | ||||||||||||||||||||||||||
| 2015 | 204 | 234 | 171 | 181 | 98 | 100 | 141 | 142 | 30 | 31 | 644 | 688 | ||||||||||||||||||||||||||
| 2016 | 60 | 68 | 23 | 24 | 36 | 39 | 50 | 50 | — | — | 169 | 181 | ||||||||||||||||||||||||||
| 2017 | 107 | 122 | 37 | 38 | 85 | 86 | 93 | 92 | 51 | 51 | 373 | 389 | ||||||||||||||||||||||||||
| 2018 | 100 | 117 | 27 | 27 | 170 | 174 | 122 | 123 | 20 | 21 | 439 | 462 | ||||||||||||||||||||||||||
| 2019 | 178 | 207 | 46 | 47 | 182 | 180 | 372 | 381 | 12 | 13 | 790 | 828 | ||||||||||||||||||||||||||
| 2020 | 102 | 104 | 38 | 39 | 96 | 98 | 167 | 169 | — | — | 403 | 410 | ||||||||||||||||||||||||||
| Total CMBS | $ | 1,338 | $ | 1,543 | $ | 467 | $ | 484 | $ | 829 | $ | 845 | $ | 1,088 | $ | 1,098 | $ | 160 | $ | 161 | $ | 3,882 | $ | 4,131 | ||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
| ($ in millions) | AAA | AA | A | BBB | BB and Below | Total | ||||||||||||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
| 2013 and prior | $ | 286 | $ | 316 | $ | 42 | $ | 43 | $ | 70 | $ | 71 | $ | 124 | $ | 131 | $ | 3 | $ | 4 | $ | 525 | $ | 565 | ||||||||||||||
| 2014 | 307 | 336 | 44 | 45 | 59 | 61 | 28 | 29 | 25 | 25 | 463 | 496 | ||||||||||||||||||||||||||
| 2015 | 234 | 248 | 160 | 165 | 115 | 119 | 127 | 132 | 25 | 25 | 661 | 689 | ||||||||||||||||||||||||||
| 2016 | 59 | 61 | 17 | 18 | 30 | 32 | 50 | 53 | 8 | 8 | 164 | 172 | ||||||||||||||||||||||||||
| 2017 | 131 | 138 | 41 | 41 | 129 | 134 | 66 | 68 | 66 | 68 | 433 | 449 | ||||||||||||||||||||||||||
| 2018 | 121 | 137 | 24 | 25 | 231 | 240 | 95 | 98 | 2 | 2 | 473 | 502 | ||||||||||||||||||||||||||
| 2019 | 143 | 160 | 28 | 28 | 213 | 215 | 268 | 267 | 31 | 31 | 683 | 701 | ||||||||||||||||||||||||||
| Total CMBS | $ | 1,281 | $ | 1,396 | $ | 356 | $ | 365 | $ | 847 | $ | 872 | $ | 758 | $ | 778 | $ | 160 | $ | 163 | $ | 3,402 | $ | 3,574 | ||||||||||||||
|
95
|
||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
| ($ in millions) | AAA | AA | A | BBB | BB and Below | Total | ||||||||||||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
| Collateralized Obligation | $ | 312 | $ | 315 | $ | 332 | $ | 333 | $ | 729 | $ | 726 | $ | 28 | $ | 28 | $ | 75 | $ | 66 | $ | 1,476 | $ | 1,468 | ||||||||||||||
| Auto-Loans | 3 | 3 | 10 | 10 | 10 | 11 | — | — | — | — | 23 | 24 | ||||||||||||||||||||||||||
| Student Loans | 39 | 40 | 127 | 133 | 40 | 41 | 2 | 2 | — | — | 208 | 216 | ||||||||||||||||||||||||||
| Credit Card loans | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Other Loans | 50 | 56 | 14 | 14 | 126 | 132 | 183 | 194 | — | — | 373 | 396 | ||||||||||||||||||||||||||
|
Total Other ABS
(1)
|
$ | 404 | $ | 414 | $ | 483 | $ | 490 | $ | 905 | $ | 910 | $ | 213 | $ | 224 | $ | 75 | $ | 66 | $ | 2,080 | $ | 2,104 | ||||||||||||||
|
(1)
Excludes subprime other asset backed securities.
|
||||||||||||||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
| ($ in millions) | AAA | AA | A | BBB | BB and Below | Total | ||||||||||||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
| Collateralized Obligation | $ | 317 | $ | 315 | $ | 298 | $ | 298 | $ | 699 | $ | 689 | $ | 31 | $ | 30 | $ | 86 | $ | 76 | $ | 1,431 | $ | 1,408 | ||||||||||||||
| Auto-Loans | 3 | 4 | 10 | 10 | 8 | 8 | — | — | — | — | 21 | 22 | ||||||||||||||||||||||||||
| Student Loans | 17 | 17 | 94 | 96 | 93 | 95 | 2 | 1 | — | — | 206 | 209 | ||||||||||||||||||||||||||
| Credit Card loans | 1 | 1 | — | — | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||
| Other Loans | 55 | 58 | 6 | 7 | 123 | 126 | 179 | 183 | 5 | 5 | 368 | 379 | ||||||||||||||||||||||||||
|
Total Other ABS
(1)
|
$ | 393 | $ | 395 | $ | 408 | $ | 411 | $ | 923 | $ | 918 | $ | 212 | $ | 214 | $ | 91 | $ | 81 | $ | 2,027 | $ | 2,019 | ||||||||||||||
|
96
|
||||||||
|
97
|
||||||||
|
98
|
||||||||
| As of and for the year ended December 31, | |||||||||||
|
($ in millions)
|
2020 | 2019 | |||||||||
| Summarized Statement of Operations Information: | |||||||||||
| Total revenues | $ | 32 | $ | 38 | |||||||
| Total benefits and expenses | 173 | 189 | |||||||||
| Income (loss) from continuing operations, net of tax | (100) | 161 | |||||||||
| Income (loss) from discontinued operations, net of tax | — | (83) | |||||||||
| Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (100) | 78 | |||||||||
| Net income (loss) available to Obligor Group | (100) | 78 | |||||||||
| Summarized Balance Sheet Information | |||||||||||
| Total investments | 60 | 58 | |||||||||
| Cash and cash equivalents | 229 | 212 | |||||||||
| Deferred income tax assets | 869 | 864 | |||||||||
| Loans to non-obligated subsidiaries | 180 | 77 | |||||||||
| Due from non-obligated subsidiaries | 2 | 2 | |||||||||
| Total assets | 1,356 | 1,231 | |||||||||
| Short-term debt with non-obligated subsidiaries | 653 | 69 | |||||||||
| Due to non-obligated subsidiaries | — | 4 | |||||||||
| Long-term debt | 3,041 | 3,040 | |||||||||
| Total liabilities | $ | 4,120 | $ | 3,229 | |||||||
|
99
|
||||||||
|
100
|
||||||||
| As of December 31, 2020 | |||||||||||||||||||||||
|
Hypothetical Change in
Fair Value
(2)
|
|||||||||||||||||||||||
| ($ in millions) | Notional |
Fair Value
(1)
|
+ 100 Basis Points Yield Curve Shift | - 100 Basis Points Yield Curve Shift | |||||||||||||||||||
|
Continuing operations:
(6)
|
|||||||||||||||||||||||
| Financial assets with interest rate risk: | |||||||||||||||||||||||
| Fixed maturity securities, including securities pledged | $ | — | $ | 47,029 | $ | (3,352) | $ | 3,003 | |||||||||||||||
| Commercial mortgage and other loans | — | 7,316 | (362) | 258 | |||||||||||||||||||
|
Notes Receivable
(3)
|
— | 266 | (34) | 43 | |||||||||||||||||||
| Financial liabilities with interest rate risk: | |||||||||||||||||||||||
| Investment contracts: | |||||||||||||||||||||||
|
Funding agreements without fixed maturities and deferred annuities
(4)
|
— | 45,576 | (3,754) | 4,689 | |||||||||||||||||||
| Funding agreements with fixed maturities | — | 795 | (28) | 15 | |||||||||||||||||||
| Supplementary contracts and immediate annuities | — | 800 | (42) | 50 | |||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Interest rate contracts | 19,859 | 133 | 36 | (6) | |||||||||||||||||||
| Long-term debt | — | 3,043 | (229) | 263 | |||||||||||||||||||
| Embedded derivatives on reinsurance | — | 163 | 77 | (87) | |||||||||||||||||||
|
Guaranteed benefit derivatives
(4)
:
|
|||||||||||||||||||||||
|
Other
(5)
|
— | 99 | (61) | 91 | |||||||||||||||||||
|
101
|
||||||||
|
Account Value
(1)
|
||||||||||||||||||||||||||||||||||||||||||||
| Excess of crediting rate over GMIR | ||||||||||||||||||||||||||||||||||||||||||||
|
($ in millions)
|
At GMIR | Up to .50% Above GMIR |
0.51% - 1.00%
Above GMIR |
1.01% - 1.50% Above GMIR | 1.51% - 2.00% Above GMIR | More than 2.00% Above GMIR | Total | |||||||||||||||||||||||||||||||||||||
|
Continuing operations:
(3)
|
||||||||||||||||||||||||||||||||||||||||||||
| Guaranteed minimum interest rate | ||||||||||||||||||||||||||||||||||||||||||||
| Up to 1.00% | $ | 4,524 | $ | 3,078 | $ | 1,501 | $ | 1,034 | $ | 1,233 | $ | 195 | $ | 11,565 | ||||||||||||||||||||||||||||||
| 1.01% - 2.00% | 846 | 88 | 49 | 1 | 1 | 8 | 993 | |||||||||||||||||||||||||||||||||||||
| 2.01% - 3.00% | 13,411 | 60 | 73 | 105 | — | 1 | 13,650 | |||||||||||||||||||||||||||||||||||||
| 3.01% - 4.00% | 9,558 | 153 | 1 | — | — | — | 9,712 | |||||||||||||||||||||||||||||||||||||
| 4.01% and Above | 1,808 | 93 | — | — | — | — | 1,901 | |||||||||||||||||||||||||||||||||||||
|
Renewable beyond 12 months (MYGA)
(2)
|
471 | — | — | — | 7 | — | 478 | |||||||||||||||||||||||||||||||||||||
| Total discretionary rate setting products | $ | 30,618 | $ | 3,472 | $ | 1,624 | $ | 1,140 | $ | 1,241 | $ | 204 | $ | 38,299 | ||||||||||||||||||||||||||||||
| Percentage of Total | 79.9 | % | 9.1 | % | 4.2 | % | 3.0 | % | 3.2 | % | 0.5 | % | 100.0 | % | ||||||||||||||||||||||||||||||
|
102
|
||||||||
| As of December 31, 2020 | |||||||||||||||||||||||
|
Hypothetical Change in
Fair Value
(1)
|
|||||||||||||||||||||||
| ($ in millions) | Notional | Fair Value |
+ 10%
Equity Shock |
-10%
Equity Shock |
|||||||||||||||||||
|
Continuing operations:
(3)
|
|||||||||||||||||||||||
| Financial assets with equity market risk: | |||||||||||||||||||||||
| Equity securities, available-for-sale | $ | — | $ | 242 | $ | 23 | $ | (23) | |||||||||||||||
| Limited liability partnerships/corporations | — | 1,476 | 91 | (91) | |||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Equity futures and total return swaps | 252 | 3 | 5 | (5) | |||||||||||||||||||
| Equity options | 160 | 1 | 1 | (1) | |||||||||||||||||||
| Financial liabilities with equity market risk: | |||||||||||||||||||||||
| Guaranteed benefit derivatives: | |||||||||||||||||||||||
|
Other
(2)
|
— | 99 | 1 | (2) | |||||||||||||||||||
|
103
|
||||||||
| ($ in millions) | Financial Strength Rating | Credit Rating | |||||||||||||||||||||||||||||||||||||||
|
Reinsurance Recoverable
(1)
|
% Collateralized
(2)
|
S&P | Moody's | S&P | Moody's | ||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
| Parent Company/Principal Reinsurers | |||||||||||||||||||||||||||||||||||||||||
|
Hannover Rueckversicherungs-AG
(3)
|
1,828 | 63% | AA- | AA- | |||||||||||||||||||||||||||||||||||||
| Hannover Life Reassurance Co of America | AA- | ||||||||||||||||||||||||||||||||||||||||
| Hannover Life Reassurance Company of America (Bermuda) Ltd | |||||||||||||||||||||||||||||||||||||||||
| Reinsurance Group of America Inc | 1,413 | 83% | AA- | A1 | A | Baa1 | |||||||||||||||||||||||||||||||||||
| RGA Reinsurance Company | |||||||||||||||||||||||||||||||||||||||||
| Lincoln National Corp | 1,244 | 94% | AA- | A1 | A- | ||||||||||||||||||||||||||||||||||||
| Lincoln Life & Annuity Co of New York | AA- | A1 | |||||||||||||||||||||||||||||||||||||||
| Lincoln National Life Insurance Co | |||||||||||||||||||||||||||||||||||||||||
| Prudential Public Limited Company | 437 | 61% | A | A2 | A | A2 | |||||||||||||||||||||||||||||||||||
| Jackson National Life Insurance Co | |||||||||||||||||||||||||||||||||||||||||
| Swiss Re Ltd | 349 | 48% | AA- | Aa3 | |||||||||||||||||||||||||||||||||||||
| Swiss Re Life & Health America Inc | AA- | Aa3 | |||||||||||||||||||||||||||||||||||||||
| Westport Insurance Corp | |||||||||||||||||||||||||||||||||||||||||
| Sun Life Financial Inc | 271 | 0.5% | A+ | ||||||||||||||||||||||||||||||||||||||
| Sun Life Assurance Company of Canada USB | AA- | ||||||||||||||||||||||||||||||||||||||||
| Sun Life Assurance Co of Canada (US) | |||||||||||||||||||||||||||||||||||||||||
| Enstar Group Limited | 121 | 90% | BBB | ||||||||||||||||||||||||||||||||||||||
| Fitzwilliam Insurance Limited | |||||||||||||||||||||||||||||||||||||||||
| Aegon N.V. | 59 | 0% | A- | ||||||||||||||||||||||||||||||||||||||
| Transamerica Financial Life Insurance Co | |||||||||||||||||||||||||||||||||||||||||
| Transamerica Life Insurance Co | |||||||||||||||||||||||||||||||||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG | 41 | 1% | AA- | Aa3 | |||||||||||||||||||||||||||||||||||||
| Munich American Reinsurance Company | |||||||||||||||||||||||||||||||||||||||||
| YRT Pool | 39 | 0% | |||||||||||||||||||||||||||||||||||||||
|
104
|
||||||||
|
105
|
||||||||
| Page | ||||||||
|
106
|
||||||||
|
107
|
||||||||
| Deferred policy acquisition costs and Value of business acquired | |||||||||||
| Description of the Matter |
As disclosed in Note 1 and Note 6 to the consolidated financial statements, the Company’s deferred policy acquisition costs and value of business acquired ("DAC/VOBA") totaled $1.5 billion at December 31, 2020, net of unrealized gains and losses. The carrying amount of the DAC related to fixed and variable deferred annuity contracts is the total of costs deferred less amortization net of interest. The carrying amount of the VOBA related to fixed and variable deferred annuity contracts is the outstanding value of in-force business acquired, based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition, less amortization net of interest. DAC and VOBA related to fixed and variable deferred annuity contracts are amortized over the estimated lives of the contracts in relation to the emergence of estimated gross profits.
As described in Note 1 to the consolidated financial statements, there is a significant amount of uncertainty inherent in calculating estimated gross profits as the calculation includes significant management judgment in developing certain assumptions such as persistency, interest crediting rates, fee income, returns associated with separate account performance, expenses to administer the business, and certain economic variables. Management’s assumptions are adjusted, known as unlocking, over time for emerging experience and expected changes in trends. The unlocking results in DAC/VOBA amortization being recalculated, using the new assumptions for estimated gross profits, that results either in additional or less cumulative amortization expense. Auditing management’s estimate of DAC/VOBA related to fixed and variable deferred annuity contracts was complex due to the highly judgmental nature of assumptions included in the projection of estimated gross profits used in the valuation of DAC/VOBA. |
||||||||||
| How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the DAC/VOBA estimation process, including, among others, controls related to management’s evaluation of the need to update assumptions based on the comparison of actual Company experience to previous assumptions and updating investment margins for current and expected future market conditions.
We utilized actuarial specialists to assist with our audit procedures, which included, among others, reviewing the methodology applied by management by comparing to the methodology used in prior periods as well as industry practice. To assess the assumptions used in measuring estimated gross profits, we compared the significant assumptions noted above with historical experience, observable market data and management’s estimates of prospective changes in these assumptions. We also independently recalculated estimated gross profits for a sample of policies for comparison with the actuarial result developed by management. |
||||||||||
| Realizability of deferred tax assets | |||||||||||
| Description of the Matter |
As described in Note 17 to the consolidated financial statements, at December 31, 2020, the Company had total deferred tax assets from continuing operations of $2.3 billion, net of a $0.3 billion valuation allowance. As described in Note 1 to the consolidated financial statements, these deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards, and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if, based on the weight of all available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, the Company considers many factors, including the future reversal of existing temporary differences and the identification and use of available tax planning strategies. If those sources are insufficient to support the recoverability of the deferred tax assets, the Company then considers its projections of future taxable income, which involves significant management judgment.
Auditing management’s assessment of the realizability of its deferred tax assets was complex because management’s projection of future taxable income includes forward-looking assumptions which are inherently judgmental as they may be affected by future market or other economic conditions.
|
||||||||||
|
108
|
||||||||
| How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that relate to the development of the projection of future taxable income supporting the realizability of deferred tax assets. This included, among others, controls related to the review and approval process of future projected taxable income and the assumptions used in the Company’s model.
Among other audit procedures performed, we evaluated the assumptions used by the Company to develop projections of future taxable income. We assessed the historical accuracy of management’s projections by comparing the projections of future taxable income with the actual results of prior periods. We also evaluated management’s consideration of current industry and economic trends and compared the projections of future taxable income with other available financial information prepared by the Company. Additionally, we utilized tax professionals to assist us in our audit procedures, which included, among others, evaluating the methodology utilized within the Company’s future taxable income projections model by comparing to the methodology used in prior periods and testing the calculations within the model. |
||||||||||
|
Business held for sale and Discontinued Operations
|
|||||||||||
| Description of the Matter |
As discussed in Notes 1 and 2 to the consolidated financial statements, on December 18, 2019, the Company announced that it had entered into a master transaction agreement (MTA) with Resolution Life US (Resolution Life) to divest its Individual Life and other legacy non-retirement fixed and variable annuities businesses. The transaction will be executed through the sale of the Company’s wholly-owned subsidiaries, Security Life of Denver Insurance Company (SLD) and Security Life of Denver International Limited to Resolution Life. In addition, in accordance with the transaction, several of the Company’s wholly-owned subsidiaries will reinsure certain of their life insurance and annuities businesses to SLD. The transaction resulted in a net loss on sale of $0.3 billion for the year ended December 31, 2020, which is included within the results of the operations of the business to be divested as discontinued operations in the consolidated statement of operations.
Auditing the Company’s loss on sale from discontinued operations was complex due to the multiple elements of the transaction, including the determination of the carrying value of the business to be divested and the estimated proceeds, as well as the assessment of the tax impacts of the transaction. |
||||||||||
| How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the process to estimate the loss on sale, including, among others, controls related to the review and approval process for the calculation of the estimated proceeds, the appropriate accounting for the multiple elements of the transaction, and the tax treatment of the transaction.
Our audit procedures included, among others, assessing the terms of the MTA to determine the completeness and accuracy of the components included in the calculation of the loss on sale, evaluating management’s accounting conclusions and application thereof related to the multiple elements of the transaction, and testing the Company’s calculation of the estimated proceeds. In addition, we utilized tax professionals who assisted in the performance of audit procedures, including testing the tax-related elements of the loss on sale calculation. |
||||||||||
|
109
|
||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets: | |||||||||||
| Investments: | |||||||||||
|
Fixed maturities, available-for-sale, at fair value (amortized cost of $
|
$ |
|
$ |
|
|||||||
| Fixed maturities, at fair value using the fair value option |
|
|
|||||||||
|
Equity securities, at fair value (cost of $
|
|
|
|||||||||
| Short-term investments |
|
|
|||||||||
|
Mortgage loans on real estate, net of valuation allowance of $
|
|
|
|||||||||
| Less: Allowance for credit losses |
|
|
|||||||||
| Mortgage loans on real estate, net |
|
|
|||||||||
| Policy loans |
|
|
|||||||||
| Limited partnerships/corporations |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
| Other investments |
|
|
|||||||||
|
Securities pledged (amortized cost of $
|
|
|
|||||||||
| Total investments |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Short-term investments under securities loan agreements, including collateral delivered |
|
|
|||||||||
| Accrued investment income |
|
|
|||||||||
| Premium receivable and reinsurance recoverable |
|
|
|||||||||
| Less: Allowance for credit losses on reinsurance recoverable |
|
|
|||||||||
| Premium receivable and reinsurance recoverable, net |
|
|
|||||||||
| Deferred policy acquisition costs and Value of business acquired |
|
|
|||||||||
| Deferred income taxes |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Assets related to consolidated investment entities: | |||||||||||
| Limited partnerships/corporations, at fair value |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Corporate loans, at fair value using the fair value option |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Assets held in separate accounts |
|
|
|||||||||
| Assets held for sale |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
|
110
|
||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||
| Future policy benefits | $ |
|
$ |
|
|||||||
| Contract owner account balances |
|
|
|||||||||
| Payables under securities loan and repurchase agreements, including collateral held |
|
|
|||||||||
| Short-term debt |
|
|
|||||||||
| Long-term debt |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
| Pension and other postretirement provisions |
|
|
|||||||||
| Current income taxes |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Liabilities related to consolidated investment entities: | |||||||||||
| Collateralized loan obligations notes, at fair value using the fair value option |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Liabilities related to separate accounts |
|
|
|||||||||
| Liabilities held for sale |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Commitments and Contingencies (Note 19) |
|
|
|||||||||
|
Shareholders' equity:
|
|||||||||||
|
Preferred stock ($
|
|
|
|||||||||
|
Common stock ($
|
|
|
|||||||||
|
Treasury stock (at cost;
|
(
|
(
|
|||||||||
| Additional paid-in capital |
|
|
|||||||||
| Accumulated other comprehensive income (loss) |
|
|
|||||||||
| Retained earnings (deficit): | |||||||||||
| Unappropriated |
(
|
(
|
|||||||||
| Total Voya Financial, Inc. shareholders' equity |
|
|
|||||||||
|
Noncontrolling interest
|
|
|
|||||||||
| Total shareholders' equity |
|
|
|||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
|
|||||||
|
111
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues: | |||||||||||||||||
|
Net investment income
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Fee income
|
|
|
|
||||||||||||||
|
Premiums
|
|
|
|
||||||||||||||
|
Net realized capital gains (losses):
|
|||||||||||||||||
| Total impairments |
(
|
(
|
(
|
||||||||||||||
| Less: Portion of impairments recognized in Other comprehensive income (loss) |
|
(
|
|
||||||||||||||
| Net impairments recognized in earnings |
(
|
(
|
(
|
||||||||||||||
|
Other net realized capital gains (losses)
|
(
|
(
|
(
|
||||||||||||||
|
Total net realized capital gains (losses)
|
(
|
(
|
(
|
||||||||||||||
|
Other revenue
|
|
|
|
||||||||||||||
|
Income (loss) related to consolidated investment entities:
|
|||||||||||||||||
|
Net investment income
|
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| Benefits and expenses: | |||||||||||||||||
|
Policyholder benefits
|
|
|
|
||||||||||||||
|
Interest credited to contract owner account balances
|
|
|
|
||||||||||||||
|
Operating expenses
|
|
|
|
||||||||||||||
|
Net amortization of Deferred policy acquisition costs and Value of business acquired
|
|
|
|
||||||||||||||
|
Interest expense
|
|
|
|
||||||||||||||
|
Operating expenses related to consolidated investment entities:
|
|||||||||||||||||
|
Interest expense
|
|
|
|
||||||||||||||
|
Other expense
|
|
|
|
||||||||||||||
| Total benefits and expenses |
|
|
|
||||||||||||||
| Income (loss) from continuing operations before income taxes |
|
|
|
||||||||||||||
| Income tax expense (benefit) |
(
|
(
|
|
||||||||||||||
| Income (loss) from continuing operations |
|
|
|
||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(
|
(
|
|
||||||||||||||
| Net income (loss) |
(
|
(
|
|
||||||||||||||
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
|
|
||||||||||||||
|
Net income (loss) available to Voya Financial, Inc.
|
(
|
(
|
|
||||||||||||||
|
Less: Preferred stock dividends
|
|
|
|
||||||||||||||
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Net income (loss) per common share:
|
|||||||||||||||||
| Basic | |||||||||||||||||
|
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Diluted | |||||||||||||||||
|
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
112
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Other comprehensive income (loss), before tax: | |||||||||||||||||
|
Unrealized gains (losses) on securities
|
|
|
(
|
||||||||||||||
| Impairments |
|
|
|
||||||||||||||
| Pension and other postretirement benefits liability |
(
|
(
|
(
|
||||||||||||||
| Other comprehensive income (loss), before tax |
|
|
(
|
||||||||||||||
|
Income tax expense (benefit) related to items of other comprehensive income (loss)
|
|
|
(
|
||||||||||||||
| Other comprehensive income (loss), after tax |
|
|
(
|
||||||||||||||
| Comprehensive income (loss) |
|
|
(
|
||||||||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interest |
|
|
|
||||||||||||||
|
Comprehensive income (loss) attributable to Voya Financial, Inc.
|
$ |
|
$ |
|
$ |
(
|
|||||||||||
|
113
|
||||||||
| Preferred Stock |
Common
Stock |
Treasury Stock |
Additional
Paid-In Capital |
Accumulated
Other Comprehensive Income (Loss) |
Retained Earnings (Deficit) |
Total
Voya Financial, Inc. Shareholders' Equity |
Noncontrolling Interest | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||
| Unappropriated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2018 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Cumulative effect of changes in accounting: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustment for adoption of ASU 2014-09 |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Adjustment for adoption of ASU 2016-01 |
|
|
|
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2018 - As adjusted |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Reversal of Other Comprehensive Income (Loss) due to Sale of Annuity and CBVA |
|
|
|
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss), after tax
|
|
|
|
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) |
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Effect of transaction for entities under common control |
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Net consolidation (deconsolidation) of consolidated investment entities
|
|
|
|
|
|
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock issuance |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Common stock issuance
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Common stock acquired - Share repurchase
|
|
|
(
|
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Dividends on common stock
|
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Contributions from (Distributions to) noncontrolling interest, net
|
|
|
|
|
|
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Adoption of ASU 2018-02 |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Comprehensive income (loss):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) |
|
|
|
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), after tax |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Total comprehensive income (loss)
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock issuance |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Common stock issuance
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Common stock acquired - Share repurchase |
|
|
(
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Treasury stock retirement |
|
(
|
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Dividends on preferred stock |
|
|
|
(
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Dividends on common stock |
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Contributions from (Distributions to) noncontrolling interest, net
|
|
|
|
|
|
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Adoption of ASU 2016-13 |
|
|
|
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) |
|
|
|
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), after tax |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net consolidations (deconsolidations) of consolidated investment entities
|
|
|
|
|
|
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Common stock issuance |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Common stock acquired - Share repurchase |
|
|
(
|
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Dividends on preferred stock |
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Dividends on common stock |
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Contributions from (Distributions to) noncontrolling interest, net |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
114
|
||||||||
|
|
Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:
|
|||||||||||||||||
|
(Income) loss from discontinued operations, net of tax
|
|
|
(
|
||||||||||||||
|
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements
|
(
|
(
|
(
|
||||||||||||||
|
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements
|
|
|
|
||||||||||||||
| Future policy benefits, claims reserves and interest credited |
|
|
|
||||||||||||||
| Deferred income tax expense (benefit) |
(
|
(
|
(
|
||||||||||||||
| Net realized capital losses |
|
|
|
||||||||||||||
| Share-based compensation |
|
|
|
||||||||||||||
| (Gains) losses on consolidated investment entities |
(
|
(
|
(
|
||||||||||||||
| (Gains) losses on limited partnerships/corporations |
(
|
(
|
(
|
||||||||||||||
| Change in: | |||||||||||||||||
| Premiums receivable and reinsurance recoverable |
|
|
|
||||||||||||||
| Other receivables and assets accruals |
(
|
|
(
|
||||||||||||||
| Other payables and accruals |
|
(
|
(
|
||||||||||||||
|
(Increase) decrease in cash held by consolidated investment entities
|
(
|
(
|
(
|
||||||||||||||
| Other, net |
|
|
|
||||||||||||||
| Net cash (used in) provided by operating activities - discontinued operations |
(
|
(
|
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||
|
Proceeds from the sale, maturity, disposal or redemption of:
|
|||||||||||||||||
|
Fixed maturities
|
|
|
|
||||||||||||||
| Equity securities, available-for-sale |
|
|
|
||||||||||||||
| Mortgage loans on real estate |
|
|
|
||||||||||||||
| Limited partnerships/corporations |
|
|
|
||||||||||||||
| Acquisition of: | |||||||||||||||||
| Fixed maturities |
(
|
(
|
(
|
||||||||||||||
| Equity securities, available-for-sale |
(
|
(
|
(
|
||||||||||||||
| Mortgage loans on real estate |
(
|
(
|
(
|
||||||||||||||
| Limited partnerships/corporations |
(
|
(
|
(
|
||||||||||||||
|
Short-term investments, net
|
(
|
|
|
||||||||||||||
| Derivatives, net |
|
(
|
|
||||||||||||||
| Sales from consolidated investment entities |
|
|
|
||||||||||||||
| Purchases within consolidated investment entities |
(
|
(
|
(
|
||||||||||||||
|
Collateral delivered, net
|
(
|
(
|
(
|
||||||||||||||
| Other, net |
|
(
|
(
|
||||||||||||||
|
115
|
||||||||
|
|
Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net cash used in investing activities - discontinued operations |
(
|
(
|
(
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||
| Deposits received for investment contracts |
|
|
|
||||||||||||||
| Maturities and withdrawals from investment contracts |
(
|
(
|
(
|
||||||||||||||
| Settlements on deposit contracts |
(
|
(
|
(
|
||||||||||||||
| Proceeds from issuance of debt with maturities of more than three months |
|
|
|
||||||||||||||
| Repayment of debt with maturities of more than three months |
(
|
(
|
(
|
||||||||||||||
| Debt issuance costs |
|
|
(
|
||||||||||||||
| Borrowings of consolidated investment entities |
|
|
|
||||||||||||||
| Repayments of borrowings of consolidated investment entities |
(
|
(
|
(
|
||||||||||||||
|
Contributions from (distributions to) participants in consolidated investment entities
|
|
|
(
|
||||||||||||||
| Proceeds from issuance of common stock, net |
|
|
|
||||||||||||||
| Proceeds from issuance of preferred stock, net |
|
|
|
||||||||||||||
| Share-based compensation |
(
|
(
|
(
|
||||||||||||||
| Common stock acquired - Share repurchase |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on common stock |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on preferred stock |
(
|
(
|
|
||||||||||||||
| Principal payments for financing leases |
(
|
|
|
||||||||||||||
| Net cash provided by (used in) financing activities - discontinued operations |
|
|
(
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(
|
(
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
(
|
(
|
||||||||||||||
| Cash and cash equivalents, beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents, end of period |
|
|
|
||||||||||||||
|
Less: Cash and cash equivalents of discontinued operations, end of period
|
|
|
|
||||||||||||||
| Cash and cash equivalents of continuing operations, end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental cash flow information: | |||||||||||||||||
| Income taxes (received) paid, net | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Interest paid |
|
|
|
||||||||||||||
|
Non-cash investing and financing activities:
|
|||||||||||||||||
| Initial recognition of operating leases upon adoption of ASU 2016-02 | $ |
|
$ |
|
$ |
|
|||||||||||
| Leased assets in exchange for finance lease liabilities |
|
|
|
||||||||||||||
| Treasury stock retirement |
|
|
|
||||||||||||||
|
116
|
||||||||
|
117
|
||||||||
| Consolidated Balance Sheets: | |||||||||||||||||||||||
| December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
| (in millions) | As Originally Reported | Revisions | As Revised | As Originally Reported | Revisions | As Revised | |||||||||||||||||
| Mortgage loans on real estate, net | $ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
(
|
$ |
|
||||||||||
| Total investments |
|
|
|
(1)
|
|
(
|
|
||||||||||||||||
| Deferred policy acquisition costs and Value of business acquired |
|
|
|
(1)
|
|
(
|
|
||||||||||||||||
| Deferred income taxes |
|
(
|
|
|
|
|
|||||||||||||||||
| Other assets |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Assets held for sale |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Total assets |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Future policy benefits |
|
|
|
|
|
|
|||||||||||||||||
| Other liabilities |
|
|
|
(1)
|
|
|
|
||||||||||||||||
| Total liabilities |
|
|
|
|
|
|
|||||||||||||||||
| Unappropriated |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||
| Total Voya Financial, Inc. shareholders' equity |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Total shareholders' equity |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
|
118
|
||||||||
| Consolidated Statements of Operations: | |||||||||||||||||||||||
| December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
| (in millions, except per share data) | As Originally Reported | Revisions | As Revised | As Originally Reported | Revisions | As Revised | |||||||||||||||||
| Other net realized capital gains (losses) | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Total net realized capital gains (losses) |
(
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||
| Total revenues |
|
|
|
|
(
|
|
|||||||||||||||||
| Policyholder benefits |
|
|
|
(1)
|
|
|
|
||||||||||||||||
| Operating expenses |
|
|
|
|
(
|
|
|||||||||||||||||
| Net amortization of deferred policy acquisition costs and value of business acquired |
|
(
|
|
|
(
|
|
|||||||||||||||||
| Interest expense |
|
(
|
|
|
|
|
|||||||||||||||||
| Total benefits and expenses |
|
(
|
|
|
|
|
|||||||||||||||||
| Income (loss) before income taxes from continuing operations |
|
|
|
|
(
|
|
|||||||||||||||||
| Income tax expense (benefit) |
(
|
(
|
(
|
|
|
|
|||||||||||||||||
| Net income (loss) from continuing operations |
|
|
|
|
(
|
|
|||||||||||||||||
| Income from Discontinued Operations, net of tax |
(
|
(
|
(
|
|
(
|
|
|||||||||||||||||
| Net Income (loss) |
(
|
(
|
(
|
|
(
|
|
|||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
(
|
(
|
(
|
|
(
|
|
|||||||||||||||||
| Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
| Net income (loss) per common share: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
| Diluted | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
|
119
|
||||||||
| Consolidated Statements of Comprehensive Income: | |||||||||||||||||||||||
| December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
| (in millions) | As Originally Reported | Revisions | As Revised | As Originally Reported | Revisions | As Revised | |||||||||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||
| Comprehensive income (loss) |
|
(
|
|
(
|
(
|
(
|
|||||||||||||||||
| Comprehensive income (loss) attributable to Voya Financial, Inc. | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Consolidated Statements of Changes in Shareholders' Equity: | |||||||||||
| Retained earnings (deficit) - Unappropriated | |||||||||||
| (in millions) | As Originally Reported | Revisions | As Revised | ||||||||
| Balance at January 1, 2018 | $ |
(
|
$ |
|
$ |
(
|
|||||
| Balance as of December 31, 2018 |
(
|
(
|
(
|
||||||||
| Balance as of December 31, 2019 | $ |
(
|
$ |
(
|
$ |
(
|
|||||
|
120
|
||||||||
|
121
|
||||||||
|
122
|
||||||||
|
123
|
||||||||
|
124
|
||||||||
|
125
|
||||||||
|
126
|
||||||||
|
127
|
||||||||
|
128
|
||||||||
|
129
|
||||||||
|
130
|
||||||||
|
131
|
||||||||
|
132
|
||||||||
|
133
|
||||||||
|
134
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans
|
This standard, issued in August 2018, eliminates certain disclosure requirements that are no longer considered cost beneficial and requires new disclosures that are considered relevant. | December 31, 2020 using the retrospective method. |
Adoption of the ASU had no effect on the Company's financial condition, results of operations, or cash flows. The adoption resulted in
various disclosure changes that have been included in Note 15,
Employee Benefit Arrangements
.
|
||||||||
|
135
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2018-15,
Implementation Costs Incurred in a Cloud Computing Arrangement
that is a Service Contract
|
This standard, issued in August 2018, requires a customer in a hosting arrangement that is a service contract to follow the guidance for internal-use
software projects to determine which implementation costs to capitalize as an asset. Capitalized implementation costs are required to be expensed over the term of the hosting arrangement. In addition, a customer is required to apply the impairment and abandonment guidance for long-lived assets to the capitalized implementation costs. Balances related to capitalized implementation costs must be presented in the same financial statement line items as other hosting arrangement balances, and additional disclosures are required. |
January 1, 2020 using the prospective method.
|
Adoption of the ASU did not have a material
impact on the Company's financial condition, results of operations, or cash flows. |
||||||||
|
ASU 2018-13, Changes to the Disclosure Requirements for Fair
Value Measurement
|
This standard, issued in August 2018, simplifies certain disclosure requirements for fair value measurement.
|
January 1, 2020 using the transition method prescribed
for each applicable provision. |
Adoption of the ASU had no effect on the
Company's financial condition, results of
operations, or cash flows. The adoption resulted in
various disclosure changes that have been included in Note 5,
Fair Value Measurements
.
|
||||||||
|
136
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2016-13,
Measurement of Credit Losses on Financial Instruments
|
This standard, issued in June 2016:
• Introduces a new current expected credit loss ("CECL") model to measure impairment on certain types of financial instruments,
• Requires an entity to estimate lifetime expected credit losses, under the new CECL model, based on relevant information about historical events, current conditions, and reasonable and supportable forecasts,
• Modifies the impairment model for available-for-sale debt securities, and
• Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination.
In addition, the FASB issued various amendments during 2018, 2019, and 2020 to clarify the provisions of ASU 2016-13.
|
January 1, 2020, using the modified retrospective method for financial assets
measured at amortized cost and the prospective method for available-for-sale debt securities. |
The Company recorded a $
to Unappropriated retained earnings as of a
January 1, 2020 for the cumulative effect of
adopting ASU 2016-13. The combined transition
adjustment for continuing and discontinued
operations includes recognition of an allowance
for credit losses of $
and $
of the effect of Deferred policy acquisition costs
and Value of business acquired of $
income taxes of $
The provisions that required prospective adoption
had no effect on the Company's financial
condition, results of operations, or cash flows.
In addition, disclosures have been updated to
reflect accounting policy changes made as a result
of the implementation of ASU 2016-13. (See the
Significant Accounting Policies section.)
Comparative information has not been adjusted
and continues to be reported under previously
applicable U.S. GAAP.
|
||||||||
| ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | This standard, issued in February 2018, permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). Stranded tax effects arise because U.S. GAAP requires that the impact of a change in tax laws or rates on deferred tax liabilities and assets be reported in net income, even if related to items recognized within accumulated other comprehensive income. The amount of the reclassification would be based on the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate, applied to deferred tax liabilities and assets reported within accumulated other comprehensive income. | January 1, 2019, with the change reported in the period of adoption. |
The impact to the January 1, 2019 Consolidated Balance Sheet was an increase to AOCI of $
|
||||||||
|
137
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
| ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities |
This standard, issued in August 2017, enables entities to better portray risk management activities in their financial statements, as follows:
• Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in accounting for fair value hedges of interest rate risk, • Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item, and • Eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness, and modifies required disclosures. In October 2018, the FASB issued an amendment which expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting. |
January 1, 2019, using the modified retrospective method, with the exception of the presentation and disclosure requirements which were adopted prospectively. |
Adoption of the ASU had no effect on the Company's financial condition, results of operations, or cash flows. Adoption of the ASU resulted in a change to the Company's significant accounting policy with respect to Derivatives, as follows:
Fair Value Hedge
: For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.
Cash Flow Hedge:
For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Condensed Consolidated Statements of Operations as impacted by the hedged item.
Other required disclosure changes have been included in Note 4,
Derivative Financial Instruments.
|
||||||||
|
138
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
| ASU 2016-02, Leases |
This standard, issued in February 2016, requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. The lease liability will be measured as the present value of the lease payments, and the asset will be based on the liability. For income statement purposes, expense recognition will depend on the lessee's classification of the lease as either finance, with a front-loaded amortization expense pattern similar to current capital leases, or operating, with a straight-line expense pattern similar to current operating leases. Lessor accounting will be similar to the current model, and lessors will be required to classify leases as operating, direct financing, or sales-type.
ASU 2016-02 also replaces the sale-leaseback guidance to align with the new revenue recognition standard, addresses statement of operation and statement of cash flow classification, and requires additional disclosures for all leases. In addition, the FASB issued various amendments during 2018 to clarify and simplify the provisions and implementation guidance of ASU 2016-02. |
January 1, 2019, using the modified retrospective method.
|
Adoption of the ASU resulted in the establishment of a $
|
||||||||
|
ASU 2016-01,
Recognition and Measurement of Financial Assets and Financial Liabilities |
This standard, issued in January
2016, addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including requiring: • Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income. • Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. |
January 1, 2018
using the modified retrospective method, except for certain provisions that were required to be applied using the prospective method. |
The impact to the January 1, 2018 Consolidated Balance Sheet was a $
corresponding decrease of $
Equity securities. The provisions that required prospective adoption had no effect on the Company's financial condition, results of operations, or cash flows. Under previous guidance, prior to January 1, 2018, Equity
securities were classified as available for sale with changes in fair value recognized in Other comprehensive income.
|
||||||||
|
139
|
||||||||
| Standard | Description of Requirements | Effective Date and Method of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2014-09,
Revenue from Contracts with Customers |
This standard, issued in May
2014, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. ASU 2014-09 also updated the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In addition, the FASB issued various amendments during 2016 to clarify the provisions and implementation guidance of ASU 2014-09. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the guidance. |
January 1, 2018
using the modified retrospective method. |
Adoption of the ASU had no impact on revenue recognition. However, the adoption resulted in a $
Corporate. This adjustment was offset by a related $
2014-09. (See the Significant Accounting Policies section.)
Comparative information has not been adjusted and continues to be reported under previous revenue recognition guidance. As of December 31, 2018, the adoption of ASU 2014-09 resulted in a $
|
||||||||
| Standard | Description of Requirements | Effective Date and Transition Provisions | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2020-06,
Simplifying the
Accounting for
Convertible Instruments
and Contracts in an Entity's Own Equity
|
This standard, issued in August 2020, simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. |
January 1, 2022, including interim periods, with early adoption permitted no earlier than January 1,
2021. An entity must adopt the guidance at the beginning of its annual fiscal year. Initial adoption of ASU 2020-06 may be reported on either a modified retrospective or full retrospective basis.
|
The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2020-06.
|
||||||||
|
140
|
||||||||
| Standard | Description of Requirements | Effective Date and Transition Provisions | Effect on the Financial Statements or Other Significant Matters | ||||||||
|
ASU 2020-04, Reference Rate Reform
|
This standard, issued in March 2020, provides temporary optional expedients and exceptions
for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
In January, 2021, the FASB issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04.
|
The amendments are effective as of March 12, 2020, the issuance date of
the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. |
The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating the guidance, and therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined.
|
||||||||
|
ASU 2019-12,
Simplifying the
Accounting for Income Taxes
|
This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following:
• The intraperiod tax allocation exception to the
incremental approach,
• The tax basis step-up in goodwill obtained in a
transaction that is not a business combination,
• Hybrid tax regimes,
• Ownership changes in investments - changes from a subsidiary to an equity method investment,
• Separate financial statements of entities not subject to tax,
• Interim-period accounting for enacted changes in tax law, and
• The year-to-date loss limitation in interim-period tax accounting.
|
January 1, 2021 with early adoption permitted. Early adoption in an interim period must reflect any
adjustments as of the beginning of the annual period. Initial adoption of ASU 2019-12 is required to be reported on a prospective basis, except for certain provisions that are required to be applied retrospectively or modified retrospectively. |
The Company intends to adopt ASU 2019-12 as of January 1, 2021 on a prospective basis, except for those provisions that are required to be applied on a retrospective or modified retrospective basis. The Company does not expect ASU 2019-12 to have a material impact on the Company's financial condition, results of operations, or cash flows. | ||||||||
|
ASU 2018-12, Targeted
Improvements to the Accounting for Long-Duration Contracts
|
This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers.
|
In November, 2020, the FASB released ASU 2020-11, which deferred the effective date of the
amendments in ASU 2018-12 for SEC filers to fiscal years ending after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. |
The implications of these
requirements, including transition options, and related potential financial
statement impacts are currently being evaluated.
While it is not possible to estimate the expected impact of adoption at this time, the Company believes there is a reasonable possibility that
implementation of ASU 2018-12 may result in a significant impact on
Shareholders’ equity and future earnings patterns.
|
||||||||
|
141
|
||||||||
|
Year Ended December 31,
|
|||||||||||
| 2020 | 2019 | ||||||||||
| Assets held for sale | |||||||||||
| Individual Life Transaction | $ |
|
$ |
|
|||||||
| 2018 Transaction |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
| Liabilities held for sale | |||||||||||
| Individual Life Transaction | $ |
|
$ |
|
|||||||
| 2018 Transaction |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
|
Year Ended December 31,
|
|||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income (loss) from discontinued operations, net of tax | |||||||||||||||||
| Individual Life Transaction | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| 2018 Transaction |
|
(
|
|
||||||||||||||
| Total | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Year Ended December 31,
|
|||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net cash (used in) provided by operating activities | |||||||||||||||||
| Individual Life Transaction | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| 2018 Transaction |
|
|
|
||||||||||||||
| Total | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Net cash (used in) investing activities | |||||||||||||||||
| Individual Life Transaction | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| 2018 Transaction |
|
(
|
|
||||||||||||||
| Total | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Net cash provided by (used in) financing activities | |||||||||||||||||
| Individual Life Transaction | $ |
|
$ |
|
$ |
|
|||||||||||
| 2018 Transaction |
|
|
(
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
(
|
|||||||||||
|
142
|
||||||||
|
143
|
||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets: | |||||||||||
| Investments: | |||||||||||
| Fixed maturities, available-for-sale, at fair value | $ |
|
$ |
|
|||||||
| Fixed maturities, at fair value using the fair value option |
|
|
|||||||||
| Mortgage loans on real estate, net of valuation allowance |
|
|
|||||||||
| Policy loans |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
|
Other investments
(1)
|
|
|
|||||||||
| Securities pledged |
|
|
|||||||||
| Total investments |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Short-term investments under securities loan agreements, including collateral delivered |
|
|
|||||||||
| Premium receivable and reinsurance recoverable |
|
|
|||||||||
| Deferred policy acquisition costs and Value of business acquired |
|
|
|||||||||
| Current income taxes |
|
|
|||||||||
| Deferred income taxes |
(
|
(
|
|||||||||
|
Other assets
(2)
|
|
|
|||||||||
| Assets held in separate accounts |
|
|
|||||||||
| Write-down of businesses held for sale to fair value less cost to sell |
(
|
(
|
|||||||||
| Total assets held for sale | $ |
|
$ |
|
|||||||
| Liabilities: | |||||||||||
| Future policy benefits and contract owner account balances | $ |
|
$ |
|
|||||||
| Payables under securities loan and repurchase agreements, including collateral held |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
| Notes payable |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Liabilities related to separate accounts |
|
|
|||||||||
| Total liabilities held for sale | $ |
|
$ |
|
|||||||
|
144
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Net investment income | $ |
|
$ |
|
$ |
|
|||||||||||
| Fee income |
|
|
|
||||||||||||||
| Premiums |
|
|
|
||||||||||||||
|
Total net realized capital gains (losses)
|
|
|
(
|
||||||||||||||
|
Other revenue
|
(
|
(
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| Benefits and expenses: | |||||||||||||||||
| Interest credited and other benefits to contract owners/policyholders |
|
|
|
||||||||||||||
| Operating expenses |
|
|
|
||||||||||||||
|
Net amortization of Deferred policy acquisition costs and Value of business acquired
|
|
|
|
||||||||||||||
| Interest expense |
|
|
|
||||||||||||||
| Total benefits and expenses |
|
|
|
||||||||||||||
| Income (loss) from discontinued operations before income taxes |
(
|
|
|
||||||||||||||
| Income tax expense (benefit) |
(
|
|
|
||||||||||||||
|
Loss on sale, net of tax
|
(
|
(
|
|
||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
145
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 |
2018
(1)
|
|||||||||||||||
| Revenues: | |||||||||||||||||
| Net investment income | $ |
|
$ |
|
$ |
|
|||||||||||
| Fee income |
|
|
|
||||||||||||||
| Premiums |
|
|
(
|
||||||||||||||
| Total net realized capital losses |
|
|
(
|
||||||||||||||
| Other revenue |
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| Benefits and expenses: | |||||||||||||||||
| Interest credited and other benefits to contract owners/policyholders |
|
|
|
||||||||||||||
| Operating expenses |
|
|
(
|
||||||||||||||
| Net amortization of Deferred policy acquisition costs and Value of business acquired |
|
|
|
||||||||||||||
| Interest expense |
|
|
|
||||||||||||||
| Total benefits and expenses |
|
|
|
||||||||||||||
| Income (loss) from discontinued operations before income taxes |
|
|
(
|
||||||||||||||
| Income tax expense (benefit) |
|
|
(
|
||||||||||||||
| Loss on sale, net of tax |
|
(
|
|
||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ |
|
$ |
(
|
$ |
|
|||||||||||
|
146
|
||||||||
| Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses |
Embedded Derivatives
(2)
|
Fair Value | Allowance for credit losses | ||||||||||||||||||||||||||||||
| Fixed maturities: | |||||||||||||||||||||||||||||||||||
|
U.S. Treasuries
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
U.S. Government agencies and authorities
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Less: Securities pledged |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total fixed maturities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
147
|
||||||||
| Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses |
Embedded Derivatives
(2)
|
Fair Value |
OTTI
(3)(4)
|
||||||||||||||||||||||||||||||
| Fixed maturities: | |||||||||||||||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| U.S. Government agencies and authorities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Less: Securities pledged |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total fixed maturities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
Amortized
Cost |
Fair
Value |
||||||||||
| Due to mature: | |||||||||||
|
One year or less
|
$ |
|
$ |
|
|||||||
| After one year through five years |
|
|
|||||||||
| After five years through ten years |
|
|
|||||||||
| After ten years |
|
|
|||||||||
| Mortgage-backed securities |
|
|
|||||||||
| Other asset-backed securities |
|
|
|||||||||
| Fixed maturities, including securities pledged | $ |
|
$ |
|
|||||||
|
148
|
||||||||
|
Amortized
Cost |
Gross
Unrealized Capital Gains |
Gross
Unrealized Capital Losses |
Fair
Value |
||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Communications | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial |
|
|
|
|
|||||||||||||||||||
| Industrial and other companies |
|
|
|
|
|||||||||||||||||||
| Energy |
|
|
|
|
|||||||||||||||||||
| Utilities |
|
|
|
|
|||||||||||||||||||
| Transportation |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Communications | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial |
|
|
|
|
|||||||||||||||||||
| Industrial and other companies |
|
|
|
|
|||||||||||||||||||
| Energy |
|
|
|
|
|||||||||||||||||||
| Utilities |
|
|
|
|
|||||||||||||||||||
| Transportation |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
149
|
||||||||
|
December 31, 2020
(1)(2)
|
December 31, 2019
(1)(2)
|
||||||||||
| U.S. Treasuries | $ |
|
$ |
|
|||||||
| U.S. Government agencies and authorities |
|
|
|||||||||
| U.S. corporate public securities |
|
|
|||||||||
| Equity securities |
|
|
|||||||||
| Foreign corporate public securities and foreign governments |
|
|
|||||||||
| Payables under securities loan agreements | $ |
|
$ |
|
|||||||
|
150
|
||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
| Residential mortgage-backed securities | Commercial mortgage-backed securities | Foreign corporate private securities | Other asset-backed securities | Total | |||||||||||||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
Credit losses on securities for which credit losses were not previously recorded
|
|
|
|
|
|
||||||||||||||||||||||||
|
Initial allowance for credit losses recognized on financial assets accounted for as PCD
|
|
|
|
|
|
||||||||||||||||||||||||
|
Reductions for securities sold during the period
|
|
|
|
|
|
||||||||||||||||||||||||
|
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost
|
|
|
|
|
|
||||||||||||||||||||||||
|
Increase (decrease) on securities with allowance recorded in previous period
|
|
|
|
|
|
||||||||||||||||||||||||
| Write-offs |
|
|
|
|
|
||||||||||||||||||||||||
| Recoveries of amounts previously written-off |
|
|
|
|
|
||||||||||||||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
151
|
||||||||
|
Twelve Months or Less
Below Amortized Cost |
More Than Twelve
Months Below Amortized Cost |
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Unrealized Capital Losses | Number of securities | Fair Value | Unrealized Capital Losses | Number of securities | Fair Value | Unrealized Capital Losses | Number of securities | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Foreign corporate public securities and foreign governments |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Foreign corporate private securities |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Other asset-backed |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||||||||||||
|
152
|
||||||||
|
Twelve Months or Less
Below Amortized Cost |
More Than Twelve
Months Below Amortized Cost |
Total | ||||||||||||||||||||||||||||||||||||
| Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
* | $ |
|
$ |
|
* | $ |
|
$ |
|
* | |||||||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
* |
|
|
* |
|
|
* | |||||||||||||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Foreign corporate public securities and foreign governments |
|
|
* |
|
|
|
|
|||||||||||||||||||||||||||||||
| Foreign corporate private securities |
|
|
* |
|
|
|
|
|||||||||||||||||||||||||||||||
| Residential mortgage-backed |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Commercial mortgage-backed |
|
|
|
|
* |
|
|
|||||||||||||||||||||||||||||||
| Other asset-backed |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Total number of securities in an unrealized loss position |
|
|
|
|||||||||||||||||||||||||||||||||||
|
153
|
||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
| Impairment |
No. of
Securities |
Impairment |
No. of
Securities |
Impairment |
No. of
Securities |
||||||||||||||||||||||||||||||
| State, municipalities and political subdivisions | $ |
|
|
$ |
|
* |
|
$ |
|
|
|||||||||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential mortgage-backed |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Commercial mortgage-backed |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other asset-backed |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
|
$ |
|
|
$ |
|
|
||||||||||||||||||||||||||
| Credit Impairments | $ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| Intent Impairments | $ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
|
154
|
||||||||
| Loan-to-Value Ratios | |||||||||||||||||||||||||||||||||||
| Year of Origination |
|
>
|
>
|
>
|
>
|
Total | |||||||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
| 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| 2019 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
| 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
155
|
||||||||
| Debt Service Coverage Ratios | |||||||||||||||||||||||||||||||||||
| Year of Origination |
>
|
>
|
>
|
<
|
Commercial mortgage loans secured by land or construction loans | Total | |||||||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
| 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| 2019 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
| 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
156
|
||||||||
| U.S. Region | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year of Origination | Pacific | South Atlantic | Middle Atlantic | West South Central | Mountain | East North Central | New England | West North Central | East South Central | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
| 2019 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
|
157
|
||||||||
| Property Type | |||||||||||||||||||||||||||||||||||||||||||||||
| Year of Origination | Retail | Industrial | Apartments | Office | Hotel/Motel | Other | Mixed Use | Total | |||||||||||||||||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| 2019 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| 2018 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2017 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2016 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2015 |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| 2014 and prior |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Allowance for credit losses, balance at January 1 | $ |
|
(1)
|
$ |
|
||||||
| Credit losses on mortgage loans for which credit losses were not previously recorded |
|
|
|||||||||
| Increase (decrease) on mortgage loans with allowance recorded in previous period |
|
(
|
|||||||||
| Provision for expected credit losses |
|
|
|||||||||
| Write-offs |
(
|
|
|||||||||
| Recoveries of amounts previously written off |
|
|
|||||||||
| Allowance for credit losses, balance at December 31 | $ |
|
$ |
|
|||||||
|
158
|
||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||
| Delinquency: | ||||||||||||||
| Current | $ |
|
$ |
|
||||||||||
| 30-59 days past due |
|
|
||||||||||||
| 60-89 days past due |
|
|
||||||||||||
| Greater than 90 days past due |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Fixed maturities | $ |
|
$ |
|
$ |
|
|||||||||||
| Equity securities |
|
|
|
||||||||||||||
| Mortgage loans on real estate |
|
|
|
||||||||||||||
| Policy loans |
|
|
|
||||||||||||||
| Short-term investments and cash equivalents |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Gross investment income |
|
|
|
||||||||||||||
| Less: investment expenses |
|
|
|
||||||||||||||
| Net investment income | $ |
|
$ |
|
$ |
|
|||||||||||
|
159
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Fixed maturities, available-for-sale, including securities pledged | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Fixed maturities, at fair value option |
(
|
|
(
|
||||||||||||||
| Equity securities |
|
(
|
(
|
||||||||||||||
| Derivatives |
(
|
(
|
(
|
||||||||||||||
| Embedded derivatives - fixed maturities |
|
|
(
|
||||||||||||||
| Guaranteed benefit derivatives |
(
|
(
|
|
||||||||||||||
| Mortgage Loans |
(
|
|
|
||||||||||||||
| Other investments |
(
|
|
|
||||||||||||||
| Net realized capital gains (losses) | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Proceeds on sales | $ |
|
$ |
|
$ |
|
|||||||||||
| Gross gains |
|
|
|
||||||||||||||
| Gross losses |
|
|
|
||||||||||||||
|
160
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
|
Notional
Amount |
Asset
Fair Value |
Liability
Fair Value |
Notional
Amount |
Asset
Fair Value |
Liability
Fair Value |
||||||||||||||||||||||||||||||
|
Derivatives: Qualifying for hedge accounting
(1)
|
|||||||||||||||||||||||||||||||||||
|
Cash flow hedges:
|
|||||||||||||||||||||||||||||||||||
|
Interest rate contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
Foreign exchange contracts
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Derivatives: Non-qualifying for hedge accounting
(1)
|
|||||||||||||||||||||||||||||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Equity contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Credit contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||||||||||||||
| Within fixed maturity investments | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Within products | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Within reinsurance agreements | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Managed custody guarantees | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
161
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
|
Notional
Amount |
Asset
Fair Value |
Liability
Fair Value |
Notional
Amount |
Asset
Fair Value |
Liability
Fair Value |
||||||||||||||||||||||||||||||
|
Derivatives: Qualifying for hedge accounting
(1)
|
|||||||||||||||||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||||||||||||||
| Interest rate contracts | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Derivatives: Non-qualifying for hedge accounting
(1)
|
|||||||||||||||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Equity contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||||||||||||||
| Within fixed maturity investments | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Within products | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Within reinsurance agreements | N/A |
|
|
N/A |
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
162
|
||||||||
| December 31, 2020 | |||||||||||||||||
|
Continuing operations:
(1)
|
|||||||||||||||||
| Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||||||||
| Credit contracts | $ |
|
$ |
|
$ |
|
|||||||||||
| Equity contracts |
|
|
|
||||||||||||||
| Foreign exchange contracts |
|
|
|
||||||||||||||
| Interest rate contracts |
|
|
|
||||||||||||||
|
|
|
||||||||||||||||
|
Counterparty netting
(2)
|
(
|
(
|
|||||||||||||||
|
Cash collateral netting
(2)
|
(
|
(
|
|||||||||||||||
|
Securities collateral netting
(2)
|
|
(
|
|||||||||||||||
| Net receivables/payables | $ |
|
$ |
|
|||||||||||||
| December 31, 2020 | |||||||||||||||||
| Businesses held for sale: | |||||||||||||||||
| Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||||||||
| Credit contracts | $ |
|
$ |
|
$ |
|
|||||||||||
| Equity contracts |
|
|
|
||||||||||||||
| Foreign exchange contracts |
|
|
|
||||||||||||||
| Interest rate contracts |
|
|
|
||||||||||||||
|
|
|
||||||||||||||||
|
Counterparty netting
(1)
|
(
|
(
|
|||||||||||||||
|
Cash collateral netting
(1)
|
(
|
(
|
|||||||||||||||
|
Securities collateral netting
(1)
|
(
|
(
|
|||||||||||||||
| Net receivables/payables | $ |
|
$ |
|
|||||||||||||
| December 31, 2019 | |||||||||||||||||
|
Continuing operations:
(1)
|
|||||||||||||||||
| Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||||||||
| Credit contracts | $ |
|
$ |
|
$ |
|
|||||||||||
| Equity contracts |
|
|
|
||||||||||||||
| Foreign exchange contracts |
|
|
|
||||||||||||||
| Interest rate contracts |
|
|
|
||||||||||||||
|
|
|
||||||||||||||||
|
Counterparty netting
(2)
|
(
|
(
|
|||||||||||||||
|
Cash collateral netting
(2)
|
(
|
(
|
|||||||||||||||
|
Securities collateral netting
(2)
|
|
(
|
|||||||||||||||
| Net receivables/payables | $ |
|
$ |
|
|||||||||||||
|
163
|
||||||||
| December 31, 2019 | |||||||||||||||||
| Businesses held for sale: | |||||||||||||||||
| Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||||||||
| Credit contracts | $ |
|
$ |
|
$ |
|
|||||||||||
| Equity contracts |
|
|
|
||||||||||||||
| Foreign exchange contracts |
|
|
|
||||||||||||||
| Interest rate contracts |
|
|
|
||||||||||||||
|
|
|
||||||||||||||||
|
Counterparty netting
(1)
|
(
|
(
|
|||||||||||||||
|
Cash collateral netting
(1)
|
(
|
|
|||||||||||||||
|
Securities collateral netting
(1)
|
(
|
|
|||||||||||||||
| Net receivables/payables | $ |
|
$ |
|
|||||||||||||
|
164
|
||||||||
| Interest Rate Contracts | Foreign Exchange Contracts | ||||||||||
| Derivatives: Qualifying for hedge accounting | |||||||||||
| Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Net investment income | Net investment income and Other net realized capital gains/(losses) | |||||||||
| Year Ended December 31, 2020 | |||||||||||
| Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $ |
|
$ |
(
|
|||||||
| Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income |
|
|
|||||||||
| Year Ended December 31, 2019 | |||||||||||
| Amount of Gain or (Loss) Recognized in Other Comprehensive Income |
|
|
|||||||||
| Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income |
|
|
|||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Net Investment Income | Other net realized capital gains/(losses) | Net Investment Income | Other net realized capital gains/(losses) | ||||||||||||||||||||
|
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
| Derivatives: Qualifying for hedge accounting | |||||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||
| Foreign exchange contracts: | |||||||||||||||||||||||
|
Gain (loss) reclassified from accumulated other comprehensive income into income
|
|
(
|
|
|
|||||||||||||||||||
|
165
|
||||||||
| Location of Gain or (Loss) Recognized in Income on Derivative | Year Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||
| Derivatives: Non-qualifying for hedge accounting | |||||||||||||||||||||||
| Interest rate contracts | Other net realized capital gains (losses) | $ |
|
$ |
(
|
$ |
(
|
||||||||||||||||
| Foreign exchange contracts | Other net realized capital gains (losses) |
(
|
|
|
|||||||||||||||||||
| Equity contracts | Other net realized capital gains (losses) |
(
|
(
|
|
|||||||||||||||||||
| Credit contracts | Other net realized capital gains (losses) |
|
|
(
|
|||||||||||||||||||
| Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
| Within fixed maturity investments | Other net realized capital gains (losses) |
|
|
(
|
|||||||||||||||||||
| Within products | Other net realized capital gains (losses) |
(
|
(
|
|
|||||||||||||||||||
| Within reinsurance agreements | Policyholder benefits |
(
|
(
|
|
|||||||||||||||||||
| Managed custody guarantees | Other net realized capital gains (losses) |
(
|
|
|
|||||||||||||||||||
| Total | $ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||
| Location of Gain or (Loss) Recognized in Income on Derivative | Year Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||
| Derivatives: Non-qualifying for hedge accounting | |||||||||||||||||||||||
| Interest rate contracts | Income (loss) from discontinued operations, net of tax | $ |
|
$ |
|
$ |
|
||||||||||||||||
| Foreign exchange contracts |
Income (loss) from discontinued operations, net of tax
|
(
|
|
|
|||||||||||||||||||
| Equity contracts | Income (loss) from discontinued operations, net of tax |
|
|
(
|
|||||||||||||||||||
| Credit contracts | Income (loss) from discontinued operations, net of tax |
|
|
(
|
|||||||||||||||||||
| Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
| Within fixed maturity investments | Income (loss) from discontinued operations, net of tax |
|
(
|
(
|
|||||||||||||||||||
| Within products | Income (loss) from discontinued operations, net of tax |
(
|
(
|
|
|||||||||||||||||||
| Within reinsurance agreements | Income (loss) from discontinued operations, net of tax |
|
(
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
(
|
$ |
|
|||||||||||||||||
|
166
|
||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
|
Fixed maturities, including securities pledged:
|
|||||||||||||||||||||||
|
U.S. Treasuries
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
U.S. Government agencies and authorities
|
|
|
|
|
|||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|||||||||||||||||||
|
Total fixed maturities, including securities pledged
|
|
|
|
|
|||||||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
|
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
|
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Percentage of Level to total |
|
% |
|
% |
|
% |
|
% | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
|
Guaranteed benefit derivatives
(2)
|
|
|
|
|
|||||||||||||||||||
| Other derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
| Credit contracts |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
167
|
||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| U.S. Government agencies and authorities |
|
|
|
|
|||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|||||||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
|
|||||||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
|
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
|
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Percentage of Level to total |
|
% |
|
% |
|
% |
|
% | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Guaranteed benefit derivatives - IUL | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
| Credit contracts |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
168
|
||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| U.S. Government agencies and authorities |
|
|
|
|
|||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|||||||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
|
|||||||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
|
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
|
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Percentage of Level to total |
|
% |
|
% |
|
% |
|
% | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
|
Guaranteed benefit derivatives
(2)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
| Credit contracts |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
169
|
||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| U.S. Government agencies and authorities |
|
|
|
|
|||||||||||||||||||
| State, municipalities and political subdivisions |
|
|
|
|
|||||||||||||||||||
| U.S. corporate public securities |
|
|
|
|
|||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
|
|||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|||||||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
|
|||||||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
|
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
|
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Percentage of Level to total |
|
% |
|
% |
|
% |
|
% | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Guaranteed benefit derivatives - IUL | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other derivatives: | |||||||||||||||||||||||
| Interest rate contracts |
|
|
|
|
|||||||||||||||||||
| Foreign exchange contracts |
|
|
|
|
|||||||||||||||||||
| Equity contracts |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
170
|
||||||||
|
171
|
||||||||
|
172
|
||||||||
|
173
|
||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair Value
as of January 1 |
Total
Realized/Unrealized Gains (Losses) Included in: |
Purchases | Issuances | Sales |
Settlements
|
Transfers
into Level 3 |
Transfers
out of Level 3 |
Fair Value as of December 31 |
Change In
Unrealized
Gains
(Losses)
Included in
Earnings
(3)
|
Change In
Unrealized Gains (Losses) Included in OCI (3) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net
Income |
OCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fixed maturities, including securities pledged:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
(
|
(
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
(
|
(
|
|
|
(
|
(
|
|
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
(
|
|
|
|
|
|
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total fixed maturities including securities pledged
|
|
(
|
|
|
|
(
|
(
|
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity securities |
|
|
|
|
|
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Guaranteed benefit derivatives
(2)(5)
|
(
|
(
|
|
|
(
|
|
|
|
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other derivatives, net |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Assets held in separate accounts
(4)
|
|
|
|
|
|
(
|
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
174
|
||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair Value
as of January 1 |
Total
Realized/Unrealized Gains (Losses) Included in: |
Purchases | Issuances | Sales |
Settlements |
Transfers
into Level 3 |
Transfers
out of Level 3 |
Fair Value as of December 31 |
Change In
Unrealized
Gains
(Losses)
Included in
Earnings
(3)
|
Change In
Unrealized Gains (Losses) Included in OCI (3) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
(
|
(
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
(
|
|
|
|
|
|
|
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
(
|
(
|
|
|
|
(
|
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities including securities pledged |
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity securities |
|
(
|
|
|
|
(
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Guaranteed benefit derivatives - IUL
(2)
|
(
|
(
|
|
|
(
|
|
|
|
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other derivatives, net |
|
|
|
|
|
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
175
|
||||||||
| Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair Value
as of January 1 |
Total
Realized/Unrealized Gains (Losses) Included in: |
Purchases | Issuances | Sales |
Settlements
|
Transfers
into Level 3 |
Transfers
out of Level 3 |
Fair Value as of December 31 |
Change In
Unrealized
Gains
(Losses)
Included in
Earnings
(3)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net
Income |
OCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
(
|
(
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
(
|
|
|
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
(
|
|
|
|
(
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
(
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities including securities pledged |
|
(
|
|
|
|
(
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity securities |
|
(
|
|
|
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Guaranteed benefit derivatives
(2)(5)
|
(
|
(
|
|
|
(
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other derivatives, net |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Assets held in separate accounts
(4)
|
|
|
|
|
|
(
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
176
|
||||||||
| Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair Value
as of January 1 |
Total
Realized/Unrealized Gains (Losses) Included in: |
Purchases | Issuances | Sales |
Settlements
|
Transfers
into
Level 3
(3)
|
Transfers
out of
Level 3
(3)
|
Fair Value as of December 31 |
Change In
Unrealized
Gains
(Losses)
Included in
Earnings
(3)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate public securities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| U.S. corporate private securities |
|
|
|
|
|
(
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
(
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign corporate private securities
(1)
|
|
(
|
|
|
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other asset-backed securities |
|
|
|
|
|
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities including securities pledged |
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Guaranteed benefit derivatives - IUL
(2)
|
(
|
(
|
|
|
(
|
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other derivatives, net |
|
|
|
|
|
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
177
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
| Unobservable Input |
Range
(1)
|
Weighted Average
(2)
|
Range
(1)
|
||||||||||||||||||||
|
Nonperformance risk
|
|
|
% |
|
|||||||||||||||||||
| Actuarial Assumptions: | |||||||||||||||||||||||
| Lapses |
|
|
% |
|
|||||||||||||||||||
| Mortality |
|
(2) |
|
|
(2) | ||||||||||||||||||
|
178
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
|
Carrying
Value |
Fair
Value |
Carrying
Value |
Fair
Value |
||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Fixed maturities, including securities pledged | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Mortgage loans on real estate |
|
|
|
|
|||||||||||||||||||
| Policy loans |
|
|
|
|
|||||||||||||||||||
| Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements |
|
|
|
|
|||||||||||||||||||
| Derivatives |
|
|
|
|
|||||||||||||||||||
| Other investments |
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Investment contract liabilities: | |||||||||||||||||||||||
|
Funding agreements without fixed maturities and deferred annuities
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Funding agreements with fixed maturities |
|
|
|
|
|||||||||||||||||||
| Supplementary contracts, immediate annuities and other |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
|
Guaranteed benefit derivatives
(2)
|
|
|
|
|
|||||||||||||||||||
| Other derivatives |
|
|
|
|
|||||||||||||||||||
| Short-term debt |
|
|
|
|
|||||||||||||||||||
| Long-term debt |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
|
179
|
||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
|
Carrying
Value |
Fair
Value |
Carrying
Value |
Fair
Value |
||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Fixed maturities, including securities pledged | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Equity securities |
|
|
|
|
|||||||||||||||||||
| Mortgage loans on real estate |
|
|
|
|
|||||||||||||||||||
| Policy loans |
|
|
|
|
|||||||||||||||||||
| Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements |
|
|
|
|
|||||||||||||||||||
| Derivatives |
|
|
|
|
|||||||||||||||||||
| Other investments |
|
|
|
|
|||||||||||||||||||
| Assets held in separate accounts |
|
|
|
|
|||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Investment contract liabilities: | |||||||||||||||||||||||
| Funding agreements with fixed maturities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Supplementary contracts, immediate annuities and other |
|
|
|
|
|||||||||||||||||||
| Notes Payable |
|
|
|
|
|||||||||||||||||||
| Derivatives: | |||||||||||||||||||||||
| Guaranteed benefit derivatives - IUL |
|
|
|
|
|||||||||||||||||||
| Embedded derivative on reinsurance |
|
|
|
|
|||||||||||||||||||
| Financial Instrument | Classification | ||||
| Mortgage loans on real estate | Level 3 | ||||
| Policy loans | Level 2 | ||||
| Other investments | Level 2 | ||||
| Funding agreements without fixed maturities and deferred annuities | Level 3 | ||||
| Funding agreements with fixed maturities | Level 2 | ||||
| Supplementary contracts and immediate annuities | Level 3 | ||||
| Short-term debt and Long-term debt | Level 2 | ||||
| Notes Payable | Level 2 | ||||
|
180
|
||||||||
|
|
DAC | VOBA | Total | ||||||||||||||
| Balance at January 1, 2018 | $ |
|
$ |
|
$ |
|
|||||||||||
| Deferrals of commissions and expenses |
|
|
|
||||||||||||||
| Amortization: | |||||||||||||||||
| Amortization, excluding unlocking |
(
|
(
|
(
|
||||||||||||||
|
Unlocking
(1)
|
(
|
(
|
(
|
||||||||||||||
| Interest accrued |
|
|
(2) |
|
|||||||||||||
| Net amortization included in Consolidated Statements of Operations |
(
|
(
|
(
|
||||||||||||||
| Change in unrealized capital gains/losses on available-for-sale securities |
|
|
|
||||||||||||||
| Balance at December 31, 2018 |
|
|
|
||||||||||||||
| Deferrals of commissions and expenses |
|
|
|
||||||||||||||
| Amortization: | |||||||||||||||||
| Amortization, excluding unlocking |
(
|
(
|
(
|
||||||||||||||
|
Unlocking
(1)
|
|
|
|
||||||||||||||
| Interest accrued |
|
|
(2) |
|
|||||||||||||
| Net amortization included in Consolidated Statements of Operations |
(
|
(
|
(
|
||||||||||||||
| Change in unrealized capital gains/losses on available-for-sale securities |
(
|
(
|
(
|
||||||||||||||
| Balance as of December 31, 2019 |
|
|
|
||||||||||||||
| Impact of ASU 2016-13 |
|
|
|
||||||||||||||
| Deferrals of commissions and expenses |
|
|
|
||||||||||||||
| Amortization: | |||||||||||||||||
| Amortization, excluding unlocking |
(
|
(
|
(
|
||||||||||||||
|
Unlocking
(1)
|
(
|
(
|
(
|
||||||||||||||
| Interest accrued |
|
|
(2) |
|
|||||||||||||
| Net amortization included in Consolidated Statements of Operations |
(
|
(
|
(
|
||||||||||||||
| Change in unrealized capital gains/losses on available-for-sale securities |
(
|
(
|
(
|
||||||||||||||
| Balance as of December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| Year | Amount | |||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
|
181
|
||||||||
|
|
2020 | 2019 | |||||||||
| Future policy benefits: | |||||||||||
| Individual and group life insurance contracts | $ |
|
$ |
|
|||||||
| Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies |
|
|
|||||||||
| Accident and health |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
| Contract owner account balances: | |||||||||||
| Universal life-type contracts | $ |
|
$ |
|
|||||||
| Fixed annuities and payout contracts without life contingencies |
|
|
|||||||||
| Funding agreements and other |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
|
182
|
||||||||
|
Continuing Operations
(4)
|
|||||||||||||||||
|
UL and VUL
(1)
|
Stabilizer
and
MCGs
(2)
|
Other
(3)
|
|||||||||||||||
| Separate account liability at December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| Separate account liability at December 31, 2019 | $ |
|
$ |
|
$ |
|
|||||||||||
| Additional liability balance: | |||||||||||||||||
| Balance at January 1, 2018 | $ |
|
$ |
|
|
||||||||||||
| Incurred guaranteed benefits |
|
(
|
|
||||||||||||||
| Paid guaranteed benefits |
(
|
|
(
|
||||||||||||||
| Balance at December 31, 2018 |
|
|
|
||||||||||||||
| Incurred guaranteed benefits |
|
|
(
|
||||||||||||||
| Paid guaranteed benefits |
(
|
|
|
||||||||||||||
| Balance at December 31, 2019 |
|
|
|
||||||||||||||
| Incurred guaranteed benefits |
|
|
|
||||||||||||||
| Paid guaranteed benefits |
(
|
|
|
||||||||||||||
| Balance at December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||
|
Continuing Operations:
(1) (2)
|
Secondary
Guarantees |
Secondary
Guarantees |
|||||||||||||||
| UL and VUL Contracts: | |||||||||||||||||
| Account value (general and separate account) | $ |
|
$ |
|
|||||||||||||
| Net amount at risk, net of reinsurance |
|
|
|||||||||||||||
| Weighted average attained age |
|
|
|||||||||||||||
|
183
|
||||||||
|
Continuing Operations
(1)
|
|||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Equity securities (including mutual funds): | |||||||||||
| Equity funds | $ |
|
$ |
|
|||||||
| Bond funds |
|
|
|||||||||
| Balanced funds |
|
|
|||||||||
| Money market funds |
|
|
|||||||||
| Other |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
| December 31, 2020 | |||||||||||||||||||||||
| Direct | Assumed | Ceded |
Total,
Net of Reinsurance |
||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Premiums receivable | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Reinsurance recoverable, net of allowance for credit losses |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Future policy benefits and contract owner account balances | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Liability for funds withheld under reinsurance agreements |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
|
184
|
||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Direct | Assumed | Ceded |
Total,
Net of Reinsurance |
||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Premiums receivable | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Reinsurance recoverable |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Future policy benefits and contract owner account balances | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Liability for funds withheld under reinsurance agreements |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Year ended December 31, | |||||||||||||||||
|
|
2020 | 2019 | 2018 | ||||||||||||||
| Premiums: | |||||||||||||||||
| Direct premiums | $ |
|
$ |
|
$ |
|
|||||||||||
| Reinsurance assumed |
|
|
|
||||||||||||||
| Reinsurance ceded |
(
|
(
|
(
|
||||||||||||||
| Net premiums | $ |
|
$ |
|
$ |
|
|||||||||||
| Fee income: | |||||||||||||||||
| Gross fee income | $ |
|
$ |
|
$ |
|
|||||||||||
| Reinsurance ceded |
(
|
(
|
(
|
||||||||||||||
| Net fee income | $ |
|
$ |
|
$ |
|
|||||||||||
|
Interest credited and other benefits to contract owners / policyholders:
|
|||||||||||||||||
|
Direct interest credited and other benefits to contract owners / policyholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Reinsurance assumed |
|
|
|
||||||||||||||
|
Reinsurance ceded
(1)
|
(
|
(
|
(
|
||||||||||||||
|
Net interest credited and other benefits to contract owners / policyholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
185
|
||||||||
|
Weighted
Average Amortization Lives |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
|
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
||||||||||||||||||||||||||||||||||||
|
Management contract rights
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
|
Customer relationship lists
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Computer software |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Total intangible assets
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| Year | Amount | |||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
|
186
|
||||||||
|
187
|
||||||||
| 2015 Stock Options | 2019 Stock Options | ||||||||||
| Expected volatility |
|
% |
|
% | |||||||
| Expected term (in years) |
|
|
|||||||||
| Strike price | $ |
|
$ |
|
|||||||
| Risk-free interest rate |
|
% |
|
% | |||||||
| Expected dividend yield |
|
% |
|
% | |||||||
| Weighted average estimated fair value | $ |
|
$ |
|
|||||||
|
188
|
||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Expected volatility of the Company's common stock |
|
% |
|
% |
|
% | |||||||||||
| Average expected volatility of peer companies |
|
% |
|
% |
|
% | |||||||||||
| Expected term (in years) |
|
|
|
||||||||||||||
| Risk-free interest rate |
|
% |
|
% |
|
% | |||||||||||
| Expected dividend yield |
|
% |
|
% |
|
% | |||||||||||
| Average correlation coefficient of peer companies |
|
% |
|
% |
|
% | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| RSUs | $ |
|
$ |
|
$ |
|
|||||||||||
| PSU awards |
|
|
|
||||||||||||||
| Stock options |
|
|
|
||||||||||||||
| Total |
|
|
|
||||||||||||||
| Income tax benefit |
|
|
|
||||||||||||||
| Share-based compensation | $ |
|
$ |
|
$ |
|
|||||||||||
| RSUs | PSU Awards | Stock Options | |||||||||||||||
| Unrecognized compensation cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Expected remaining weighted-average period of expense recognition (in years) |
|
|
|
||||||||||||||
| RSU Awards | PSU Awards | ||||||||||||||||||||||
|
(awards in millions)
|
Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards | Weighted Average Grant Date Fair Value | |||||||||||||||||||
| Outstanding at January 1, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Adjusted for PSU performance factor | N/A | N/A |
|
|
|||||||||||||||||||
| Granted |
|
|
|
|
|||||||||||||||||||
| Vested |
(
|
|
(
|
|
|||||||||||||||||||
| Forfeited |
(
|
|
(
|
|
|||||||||||||||||||
| Outstanding at December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Awards expected to vest as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
|
189
|
||||||||
| Stock Options | |||||||||||||||||||||||
|
(awards in millions)
|
Number of Awards | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||||||||
| Outstanding as of January 1, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Exercised |
(
|
|
|||||||||||||||||||||
| Forfeited |
|
* |
|
||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Vested, not exercisable, as of December 31, 2020 |
|
$ |
|
||||||||||||||||||||
| Vested, exercisable, as of December 31, 2020 |
|
|
|
|
|||||||||||||||||||
| Common Shares | ||||||||||||||||||||
|
(shares in millions)
|
Issued | Held in Treasury | Outstanding | |||||||||||||||||
| Balance, January 1, 2018 |
|
|
|
|||||||||||||||||
| Common Shares issued |
|
|
|
|||||||||||||||||
| Common Shares acquired - share repurchase |
|
|
(
|
|||||||||||||||||
| Share-based compensation programs |
|
|
|
|||||||||||||||||
| Balance, December 31, 2018 |
|
|
|
|||||||||||||||||
| Common Shares issued |
|
|
|
|||||||||||||||||
| Common Shares acquired - share repurchase |
|
|
(
|
|||||||||||||||||
| Share-based compensation programs |
|
|
|
|||||||||||||||||
| Treasury Stock retirement |
(
|
(
|
|
|||||||||||||||||
| Balance, December 31, 2019 |
|
|
|
|||||||||||||||||
| Common Shares issued |
|
|
|
|||||||||||||||||
| Common Shares acquired - share repurchase |
|
|
(
|
|||||||||||||||||
| Share-based compensation programs |
|
|
|
|||||||||||||||||
| Treasury Stock retirement |
|
|
|
|||||||||||||||||
| Balance, December 31, 2020 |
|
|
|
|||||||||||||||||
|
190
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Dividends declared per share of Common Stock | $ |
|
$ |
|
$ |
|
|||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
| Execution Date | Payment | Initial Shares Delivered | Closing Date | Additional Shares Delivered | Total Shares Repurchased | |||||||||||||||||||||||||||
| December 28, 2020 | $ |
|
|
January 22, 2021 |
|
|
||||||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||
| Execution Date | Payment | Initial Shares Delivered | Closing Date | Additional Shares Delivered | Total Shares Repurchased | |||||||||||||||||||||||||||
| January 3, 2019 |
|
|
April 4, 2019 |
|
|
|||||||||||||||||||||||||||
| April 9, 2019 |
|
|
June 4, 2019 |
|
|
|||||||||||||||||||||||||||
| June 19, 2019 |
|
|
August 6, 2019 |
|
|
|||||||||||||||||||||||||||
| December 19, 2019 |
|
|
February 26, 2020 |
|
|
|||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Shares of common stock |
|
|
|
||||||||||||||
| Payment | $ |
|
|
$ |
|
||||||||||||
|
191
|
||||||||
|
192
|
||||||||
| Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||
| Series | Issued | Outstanding | Issued | Outstanding | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
| Total |
|
|
|
|
|||||||||||||||||||
| Series A | Series B | |||||||||||||||||||||||||
| Year Ended: | Per Share | Aggregate | Per Share | Aggregate | ||||||||||||||||||||||
| December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| December 31, 2019 |
|
|
|
|
||||||||||||||||||||||
|
193
|
||||||||
|
(in millions, except for per share data)
|
Year Ended December 31, | ||||||||||||||||
| Earnings | 2020 | 2019 | 2018 | ||||||||||||||
| Net income (loss) available to common shareholders | |||||||||||||||||
| Income (loss) from continuing operations | $ |
|
$ |
|
$ |
|
|||||||||||
| Less: Preferred stock dividends |
|
|
|
||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
||||||||||||||
| Income (loss) from continuing operations available to common shareholders |
|
|
|
||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(
|
(
|
|
||||||||||||||
| Net income (loss) available to common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Weighted-average common shares outstanding | |||||||||||||||||
| Basic |
|
|
|
||||||||||||||
|
Dilutive Effects:
(1)
|
|||||||||||||||||
|
Warrants
|
|
|
|
||||||||||||||
|
RSUs
|
|
|
|
||||||||||||||
|
PSU awards
|
|
|
|
||||||||||||||
|
Stock Options
|
|
|
|
||||||||||||||
| Diluted |
|
|
|
||||||||||||||
|
Basic
(2)
|
|||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
|||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Diluted
(2)
|
|||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
|||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
194
|
||||||||
| Statutory Net Income (Loss) | Statutory Capital and Surplus | ||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||
| Subsidiary Name (State of Domicile): | |||||||||||||||||||||||||||||
| Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Security Life of Denver Insurance Company (CO) |
(
|
(
|
(
|
|
|
||||||||||||||||||||||||
| ReliaStar Life Insurance Company ("RLI") (MN) |
|
|
|
|
|
||||||||||||||||||||||||
| Issuance Date | Maturity | 2020 | 2019 | |||||||||||||||||
| 12/21/1994 | 4/15/2021 | $ |
|
$ |
|
|||||||||||||||
| 12/19/2000 | 4/15/2021 |
|
|
|||||||||||||||||
| 4/15/2017 | 4/15/2042 |
|
|
|||||||||||||||||
| 4/15/2018 | 4/15/2043 |
|
|
|||||||||||||||||
| 4/15/2019 | 4/15/2044 |
|
|
|||||||||||||||||
|
195
|
||||||||
| Dividends Permitted without Approval | Dividends Paid | Extraordinary Distributions Paid | |||||||||||||||||||||||||||||||||
| Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
| Subsidiary Name (State of domicile): | |||||||||||||||||||||||||||||||||||
| Voya Retirement Insurance and Annuity Company (CT) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| ReliaStar Life Insurance Company (MN) |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
196
|
||||||||
|
197
|
||||||||
| 2020 | 2019 | ||||||||||
| Change in benefit obligation: | |||||||||||
| Benefit obligations, January 1 | $ |
|
$ |
|
|||||||
| Service cost |
|
|
|||||||||
| Interest cost |
|
|
|||||||||
|
Net actuarial (gains) losses
(1)
|
|
|
|||||||||
| Benefits paid |
(
|
(
|
|||||||||
| (Gain) loss recognized due to curtailment |
|
|
|||||||||
| Benefit obligations, December 31 |
|
|
|||||||||
| Discount rate |
|
% |
|
% | |||||||
| Interest credit rate |
|
% |
|
% | |||||||
| Change in plan assets: | |||||||||||
| Fair value of plan net assets, January 1 |
|
|
|||||||||
| Actual return on plan assets |
|
|
|||||||||
| Employer contributions |
|
|
|||||||||
| Benefits paid |
(
|
(
|
|||||||||
| Fair value of plan net assets, December 31 |
|
|
|||||||||
|
Unfunded status at end of year
(2)
|
$ |
(
|
$ |
(
|
|||||||
| 2020 | 2019 | ||||||||||
| Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||
| Accrued benefit cost | $ |
(
|
$ |
(
|
|||||||
| Net amount recognized | $ |
(
|
$ |
(
|
|||||||
|
198
|
||||||||
| 2020 | 2019 | ||||||||||
| Projected benefit obligation | $ |
|
$ |
|
|||||||
| Accumulated benefit obligation |
|
|
|||||||||
| Fair value of plan assets |
|
|
|||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||||||||||||||||
| Service cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Interest cost |
|
|
|
||||||||||||||
| Expected return on plan assets |
(
|
(
|
(
|
||||||||||||||
| Amortization of prior service cost (credit) |
|
|
(
|
||||||||||||||
| (Gain) loss recognized due to curtailment |
|
|
|
||||||||||||||
| Net (gain) loss recognition |
(
|
(
|
|
||||||||||||||
| Net periodic (benefit) costs |
(
|
|
|
||||||||||||||
| Discount rate |
|
% |
|
% |
|
% | |||||||||||
| Expected rate of return on plan assets |
|
% |
|
% |
|
% | |||||||||||
| Interest credit rate |
|
% |
|
% |
|
% | |||||||||||
| Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||||||||||||||||
| Amortization of prior service (credit) cost |
|
|
|
||||||||||||||
| (Credit) cost recognized due to curtailment |
|
(
|
|
||||||||||||||
| Total recognized in AOCI |
|
(
|
|
||||||||||||||
| Total recognized in net periodic (benefit) costs and AOCI | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
199
|
||||||||
| Actual Asset Allocation | |||||||||||
| 2020 | 2019 | ||||||||||
| Equity securities: | |||||||||||
| Target allocation range |
|
|
|||||||||
| Total equity securities |
|
% |
|
% | |||||||
| Fixed maturities: | |||||||||||
| Target allocation range |
|
|
|||||||||
| U.S. Treasuries, short term investments, cash and futures |
|
% |
|
% | |||||||
| U.S. Government agencies and authorities |
|
% |
|
% | |||||||
| U.S. corporate, state and municipalities |
|
% |
|
% | |||||||
| Foreign securities |
|
% |
|
% | |||||||
| Total fixed maturities |
|
% |
|
% | |||||||
| Other investments: | |||||||||||
| Target allocation range |
|
|
|||||||||
| Total other investments |
|
% |
|
% | |||||||
| Total |
|
% |
|
% | |||||||
|
200
|
||||||||
| Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Fixed maturities, short-term investments and cash: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
|
Short-term investment fund
(1)
|
|
|
|
|
|
||||||||||||||||||||||||
| U.S. Government securities |
|
|
|
— |
|
||||||||||||||||||||||||
| U.S. corporate, state and municipalities |
|
|
|
— |
|
||||||||||||||||||||||||
| Foreign securities |
|
|
|
— |
|
||||||||||||||||||||||||
| Other fixed maturities |
|
|
|
— |
|
||||||||||||||||||||||||
| Total fixed maturities |
|
|
|
|
|
||||||||||||||||||||||||
| Equity securities: | |||||||||||||||||||||||||||||
|
Total equity securities
(2)
|
|
|
|
|
|
||||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||||||||
|
Total other investments
(3)
|
|
|
|
|
|
||||||||||||||||||||||||
| Total Assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Derivatives | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Total Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Net, total pension assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
201
|
||||||||
| Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Fixed maturities, short term investments and cash: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
Short-term investment fund
(1)
|
|
|
|
|
|
||||||||||||||||||||||||
| U.S. Government securities |
|
|
|
|
|
||||||||||||||||||||||||
| U.S. corporate, state and municipalities |
|
|
|
|
|
||||||||||||||||||||||||
| Foreign securities |
|
|
|
|
|
||||||||||||||||||||||||
| Other fixed maturities |
|
|
|
|
|
||||||||||||||||||||||||
| Total fixed maturities |
|
|
|
|
|
||||||||||||||||||||||||
| Equity securities: | |||||||||||||||||||||||||||||
|
Total equity securities
(2)
|
|
|
|
|
|
||||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||||||||
|
Total other investments
(3)
|
|
|
|
|
|
||||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Derivatives | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Total Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Net, total pension assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
202
|
||||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| 2026-2030 |
|
||||
| December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Fixed maturities, net of impairment | $ |
|
$ |
|
$ |
|
|||||||||||
|
Derivatives
(1)
|
|
|
|
||||||||||||||
|
DAC/VOBA adjustment on available-for-sale securities
|
(
|
(
|
(
|
||||||||||||||
| Premium deficiency reserve |
(
|
(
|
(
|
||||||||||||||
|
Sales inducements and other intangibles adjustment on available-for-sale securities
|
(
|
(
|
(
|
||||||||||||||
|
Other
|
|
|
|
||||||||||||||
| Unrealized capital gains (losses), before tax |
|
|
|
||||||||||||||
| Deferred income tax asset (liability) |
(
|
(
|
(
|
||||||||||||||
| Net unrealized capital gains (losses) |
|
|
|
||||||||||||||
| Pension and other postretirement benefits liability, net of tax |
|
|
|
||||||||||||||
| AOCI | $ |
|
$ |
|
$ |
|
|||||||||||
|
203
|
||||||||
| December 31, 2020 | |||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
| Fixed maturities | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Other |
|
|
|
||||||||||||||
| Impairments |
|
|
|
||||||||||||||
|
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
|
(
|
|
(
|
||||||||||||||
| DAC/VOBA |
(
|
(1)
|
|
(
|
|||||||||||||
| Premium deficiency reserve |
(
|
|
(
|
||||||||||||||
| Sales inducements and other intangibles |
(
|
|
(
|
||||||||||||||
| Change in unrealized gains/(losses) on available-for-sale securities |
|
(
|
|
||||||||||||||
| Derivatives: | |||||||||||||||||
| Derivatives |
(
|
(2)
|
|
(
|
|||||||||||||
|
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
|
(
|
|
(
|
||||||||||||||
| Change in unrealized gains/(losses) on derivatives |
(
|
|
(
|
||||||||||||||
| Pension and other postretirement benefits liability: | |||||||||||||||||
|
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
|
(
|
(3)
|
|
(
|
|||||||||||||
| Change in pension and other postretirement benefits liability |
(
|
|
(
|
||||||||||||||
| Change in Accumulated other comprehensive income (loss) | $ |
|
$ |
(
|
$ |
|
|||||||||||
|
204
|
||||||||
| December 31, 2019 | |||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
| Fixed maturities | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Other |
|
|
|
||||||||||||||
| Impairments |
|
(
|
|
||||||||||||||
|
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
|
|
(
|
|
||||||||||||||
| DAC/VOBA |
(
|
(1)
|
|
(
|
|||||||||||||
| Premium deficiency reserve |
(
|
|
(
|
||||||||||||||
| Sales inducements |
(
|
|
(
|
||||||||||||||
| Change in unrealized gains/(losses) on available-for-sale securities |
|
(
|
|
||||||||||||||
| Derivatives: | |||||||||||||||||
| Derivatives |
|
(2)
|
|
|
|||||||||||||
|
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
|
(
|
|
(
|
||||||||||||||
| Change in unrealized gains/losses on derivatives |
(
|
|
(
|
||||||||||||||
| Pension and other postretirement benefits liability: | |||||||||||||||||
|
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
|
(
|
(3)
|
|
|
|||||||||||||
| Change in pension and other postretirement benefits liability |
(
|
|
|
||||||||||||||
| Change in Accumulated other comprehensive income (loss) | $ |
|
$ |
(
|
$ |
|
|||||||||||
|
205
|
||||||||
| December 31, 2018 | |||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
| Fixed maturities | $ |
(
|
$ |
|
$ |
(
|
|||||||||||
| Other |
|
(
|
|
||||||||||||||
| Impairments |
|
(
|
|
||||||||||||||
|
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
|
|
(
|
|
||||||||||||||
| DAC/VOBA |
|
(1)
|
(
|
|
|||||||||||||
| Premium deficiency reserve |
|
(
|
|
||||||||||||||
| Sales inducements |
|
(
|
|
||||||||||||||
| Change in unrealized gains/(losses) on available-for-sale securities |
(
|
|
(
|
||||||||||||||
| Derivatives: | |||||||||||||||||
| Derivatives |
|
(2)
|
(
|
|
|||||||||||||
|
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
|
(
|
|
(
|
||||||||||||||
| Change in unrealized gains/losses on derivatives |
|
(
|
|
||||||||||||||
| Pension and other postretirement benefits liability: | |||||||||||||||||
|
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
|
(
|
(3)
|
|
(
|
|||||||||||||
| Change in pension and other postretirement benefits liability |
(
|
|
(
|
||||||||||||||
| Change in Accumulated other comprehensive income (loss) | $ |
(
|
$ |
|
$ |
(
|
|||||||||||
|
206
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Current tax expense (benefit): | |||||||||||||||||
| Federal | $ |
(
|
$ |
|
$ |
|
|||||||||||
| State |
|
|
(
|
||||||||||||||
|
Total current tax expense (benefit)
|
(
|
|
|
||||||||||||||
| Deferred tax expense (benefit): | |||||||||||||||||
| Federal |
(
|
(
|
(
|
||||||||||||||
| State |
|
|
|
||||||||||||||
| Total deferred tax expense (benefit) |
(
|
(
|
(
|
||||||||||||||
| Total income tax expense (benefit) | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income (loss) before income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Tax Rate |
|
% |
|
% |
|
% | |||||||||||
| Income tax expense (benefit) at federal statutory rate |
|
|
|
||||||||||||||
| Tax effect of: | |||||||||||||||||
| Valuation allowance |
(
|
(
|
(
|
||||||||||||||
| Dividends received deduction |
(
|
(
|
(
|
||||||||||||||
| State tax expense (benefit) |
|
|
|
||||||||||||||
| Noncontrolling interest |
(
|
(
|
(
|
||||||||||||||
| Tax credits |
(
|
(
|
|
||||||||||||||
| Nondeductible expenses |
|
|
|
||||||||||||||
| Effect of Tax Reform |
|
|
|
||||||||||||||
| Other |
|
(
|
|
||||||||||||||
| Income tax expense (benefit) | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Effective tax rate |
(
|
% |
(
|
% |
|
% | |||||||||||
|
207
|
||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Deferred tax assets | |||||||||||
| Federal and state loss carryforwards | $ |
|
$ |
|
|||||||
| Investments |
|
|
|||||||||
| Insurance reserves |
|
|
|||||||||
| Compensation and benefits |
|
|
|||||||||
| Deferred policy acquisition costs |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total gross assets before valuation allowance |
|
|
|||||||||
| Less: Valuation allowance |
|
|
|||||||||
| Assets, net of valuation allowance |
|
|
|||||||||
| Deferred tax liabilities | |||||||||||
| Net unrealized investment gains |
(
|
(
|
|||||||||
| Insurance reserves |
|
(
|
|||||||||
| Deferred policy acquisition costs |
|
(
|
|||||||||
| Other liabilities |
(
|
(
|
|||||||||
| Total gross liabilities |
(
|
(
|
|||||||||
| Net deferred income tax asset (liability) | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
|
Federal net operating loss carryforward
|
$ |
|
(1)
|
$ |
|
||||||
|
State net operating loss carryforward
|
|
(2)
|
|
||||||||
|
Federal tax capital loss carryforward
|
|
(3)
|
|
||||||||
|
Credit carryforward
|
|
(4)
|
|
||||||||
|
208
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Balance at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions for tax positions related to current year |
|
|
|
||||||||||||||
| Additions for tax positions related to prior years |
|
|
|
||||||||||||||
| Reductions for tax positions related to prior years |
|
(
|
(
|
||||||||||||||
| Reductions for settlements with taxing authorities |
|
|
(
|
||||||||||||||
| Reductions for expiring statutes |
|
|
|
||||||||||||||
| Balance at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
|
209
|
||||||||
| Issuer | Maturity | 2020 | 2019 | ||||||||||||||||||||
|
|
Voya Financial, Inc. | 07/15/2024 |
|
|
|||||||||||||||||||
|
|
Voya Financial, Inc. | 06/15/2026 |
|
|
|||||||||||||||||||
|
|
Voya Financial, Inc. | 07/15/2043 |
|
|
|||||||||||||||||||
|
|
Voya Financial, Inc. | 06/15/2046 |
|
|
|||||||||||||||||||
|
|
Voya Financial, Inc. | 01/23/2048 |
|
|
|||||||||||||||||||
|
|
Voya Financial, Inc. | 05/15/2053 |
|
|
|||||||||||||||||||
|
|
Voya Holdings Inc. | 08/15/2023 |
|
|
|||||||||||||||||||
|
|
Voya Holdings Inc. | 08/15/2026 |
|
|
|||||||||||||||||||
|
|
Voya Holdings Inc. | 08/15/2036 |
|
|
|||||||||||||||||||
|
|
Equitable of Iowa Capital Trust II | 04/01/2027 |
|
|
|||||||||||||||||||
|
|
Voya Retirement Insurance and Annuity Company | 06/14/2027 |
|
|
|||||||||||||||||||
| Subtotal |
|
|
|||||||||||||||||||||
| Less: Current portion of long-term debt |
|
|
|||||||||||||||||||||
| Total | $ |
|
$ |
|
|||||||||||||||||||
|
210
|
||||||||
| Issuer | Issue Date |
Interest Rate
(1)
|
Scheduled Redemption Date |
Interest Rate Subsequent to Scheduled Redemption Date
(2)
|
Final Maturity Date | Face Value | ||||||||||||||||||||||||||||||||||||||
| Voya Financial, Inc. | 05/16/2013 |
|
% | 05/15/2023 |
|
+ |
|
05/15/2053 | (3) | $ |
|
|||||||||||||||||||||||||||||||||
| Voya Financial, Inc. | 01/23/2018 |
|
% | 01/23/2028 |
|
+ |
|
01/23/2048 | (4) | $ |
|
|||||||||||||||||||||||||||||||||
|
211
|
||||||||
| Secured/ Unsecured | Committed/ Uncommitted | Expiration | Capacity | Utilization | Unused Commitment | ||||||||||||||||||||||||||||||
| Obligor / Applicant | |||||||||||||||||||||||||||||||||||
| Voya Financial, Inc. | Unsecured | Committed | 11/01/2024 | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Voya Financial, Inc. / Security Life of Denver International Limited
(1)
|
Unsecured | Committed | 12/31/2025 |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc. / Security Life of Denver International Limited
(1)
|
Unsecured | Committed | 07/01/2037 |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc.
(2)
|
Unsecured | Committed | 02/11/2022 |
|
|
|
|||||||||||||||||||||||||||||
| Voya Financial, Inc. | Secured | Uncommitted | Various |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc. / Roaring River LLC
(1)(3)
|
Unsecured | Committed | 10/01/2025 |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc. / Roaring River IV, LLC
(1)
|
Unsecured | Committed | 12/31/2028 |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc./ Security Life of Denver International Limited
(1)(2)
|
Unsecured | Uncommitted | 12/31/2021 |
|
|
|
|||||||||||||||||||||||||||||
|
Voya Financial, Inc.
(1)(2)
|
Unsecured | Committed | 12/09/2024 |
|
|
|
|||||||||||||||||||||||||||||
|
Total
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
|
212
|
||||||||
| Operating Leases | Finance Leases | ||||||||||
| 2021 |
|
|
|||||||||
| 2022 |
|
|
|||||||||
| 2023 |
|
|
|||||||||
| 2024 |
|
|
|||||||||
| 2025 |
|
|
|||||||||
| Thereafter |
|
|
|||||||||
| Total undiscounted lease payments |
|
|
|||||||||
| Less: Imputed interest |
(
|
(
|
|||||||||
| Total Lease liabilities | $ |
|
$ |
|
|||||||
|
213
|
||||||||
| 2020 | 2019 | ||||||||||
|
Fixed maturity collateral pledged to FHLB
(1)
|
$ |
|
$ |
|
|||||||
|
FHLB restricted stock
(2)
|
|
|
|||||||||
| Other fixed maturities-state deposits |
|
|
|||||||||
| Cash & cash equivalents |
|
|
|||||||||
|
Securities pledged
(3)
|
|
|
|||||||||
| Total restricted assets | $ |
|
$ |
|
|||||||
|
214
|
||||||||
|
215
|
||||||||
|
216
|
||||||||
|
217
|
||||||||
|
218
|
||||||||
| Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
|
Cash and cash equivalents
|
$ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
|
Corporate loans, at fair value using the fair value option
|
|
|
|
— |
|
||||||||||||||||||||||||
| Limited partnerships/corporations, at fair value |
|
|
|
|
|
||||||||||||||||||||||||
| Total assets, at fair value | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| CLO notes, at fair value using the fair value option | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
| Total liabilities, at fair value | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
|
219
|
||||||||
| Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
| Corporate loans, at fair value using the fair value option |
|
|
|
— |
|
||||||||||||||||||||||||
| Limited partnerships/corporations, at fair value |
|
|
|
|
|
||||||||||||||||||||||||
| Total assets, at fair value | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| CLO notes, at fair value using the fair value option | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
| Total liabilities, at fair value | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
|
220
|
||||||||
| Years Ended December 31, | Cumulative Amounts Incurred to Date | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||
|
Severance benefits
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Organizational transition costs |
|
|
|
|
|||||||||||||||||||
|
Total restructuring expenses
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Continuing operations | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Discontinued operations | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
221
|
||||||||
| Severance Benefits | Organizational Transition Costs | Total | |||||||||||||||
| Accrued liability as of January 1, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| Provision |
|
|
|
||||||||||||||
| Payments |
(
|
(
|
(
|
||||||||||||||
| Accrued liability as of December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
|
222
|
||||||||
|
223
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income (loss) from continuing operations before income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Less Adjustments: | |||||||||||||||||
|
Net investment gains (losses) and related charges and adjustments
|
|
|
(
|
||||||||||||||
| Net guaranteed benefit hedging gains (losses) and related charges and adjustments |
|
(
|
|
||||||||||||||
|
Income (loss) related to businesses exited or to be exited through reinsurance or divestment
|
(
|
|
(
|
||||||||||||||
| Income (loss) attributable to noncontrolling interest |
|
|
|
||||||||||||||
| Income (loss) related to early extinguishment of debt |
|
(
|
(
|
||||||||||||||
| Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments |
|
|
(
|
||||||||||||||
| Dividend payments made to preferred shareholders |
|
|
|
||||||||||||||
| Other adjustments |
(
|
(
|
(
|
||||||||||||||
| Total adjustments to income (loss) from continuing operations |
(
|
(
|
(
|
||||||||||||||
| Adjusted operating earnings before income taxes by segment: | |||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
|||||||||||
| Investment Management |
|
|
|
||||||||||||||
| Employee Benefits |
|
|
|
||||||||||||||
| Corporate |
(
|
(
|
(
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
|
224
|
||||||||
|
225
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments: | |||||||||||||||||
| Net realized investment gains (losses) and related charges and adjustments |
|
|
(
|
||||||||||||||
| Gain (loss) on change in fair value of derivatives related to guaranteed benefits |
|
(
|
|
||||||||||||||
| Revenues related to businesses exited or to be exited through reinsurance or divestment |
|
|
|
||||||||||||||
| Revenues attributable to noncontrolling interest |
|
|
|
||||||||||||||
| Other adjustments |
|
|
|
||||||||||||||
| Total adjustments to revenues |
|
|
|
||||||||||||||
| Adjusted operating revenues by segment: | |||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
|||||||||||
| Investment Management |
|
|
|
||||||||||||||
| Employee Benefits |
|
|
|
||||||||||||||
| Corporate |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Investment management intersegment revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Retirement | $ |
|
$ |
|
|||||||
| Investment Management |
|
|
|||||||||
| Employee Benefits |
|
|
|||||||||
| Corporate |
|
|
|||||||||
|
Total assets, before consolidation
(1)
|
|
|
|||||||||
| Consolidation of investment entities |
|
|
|||||||||
| Total assets, excluding assets held for sale |
|
|
|||||||||
| Assets held for sale |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
|
226
|
||||||||
| Three Months Ended, | |||||||||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Total benefits and expenses |
|
|
|
|
|||||||||||||||||||
| Income (loss) from continuing operations before income taxes |
|
(
|
(
|
|
|||||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Net income (loss) |
(
|
(
|
(
|
|
|||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest |
|
(
|
|
|
|||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
(
|
(
|
(
|
|
|||||||||||||||||||
| Less: Preferred stock dividends |
|
|
|
|
|||||||||||||||||||
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders
|
(
|
(
|
(
|
|
|||||||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||
| Diluted | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||
|
227
|
||||||||
| Three Months Ended, | |||||||||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Total benefits and expenses |
|
|
|
|
|||||||||||||||||||
| Income (loss) from continuing operations before income taxes |
|
|
|
|
|||||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(
|
|
|
(
|
|||||||||||||||||||
| Net income (loss) |
|
|
|
(
|
|||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest |
(
|
|
|
|
|||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
|
|
|
(
|
|||||||||||||||||||
| Less: Preferred stock dividends |
|
|
|
|
|||||||||||||||||||
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders
|
|
|
|
(
|
|||||||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||
| Diluted | |||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||
|
228
|
||||||||
| Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||
| For The Year Ended, | |||||||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||
| (in millions) | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | ||||||||||||||||||||||||||
| Deferred policy acquisition costs and Value of business acquired | $ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Deferred income taxes |
|
(
|
|
|
(
|
|
|
|
|
||||||||||||||||||||||||||
| Other assets |
|
(
|
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||
| Assets held for sale |
|
(
|
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||
| Total assets |
|
(
|
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||
| Future policy benefits |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
| Total liabilities |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) |
|
|
|
(1)
|
|
|
|
(1)
|
|
(
|
|
||||||||||||||||||||||||
| Unappropriated |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||
| Total Voya Financial, Inc. shareholders' equity |
|
(
|
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||
| Total shareholders' equity |
|
(
|
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||
|
229
|
||||||||
| For The Year Ended, | ||||||||||||||||||||||||||||||||||||||
| March 31, 2019 | June 30, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||
| (in millions) | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | |||||||||||||||||||||||||||||
| Deferred policy acquisition costs and Value of business acquired | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||
| Deferred income taxes |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other assets |
|
(
|
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Assets held for sale |
|
(
|
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Total assets |
|
(
|
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Future policy benefits |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other liabilities |
|
|
|
|
|
|
|
|
|
(1)
|
||||||||||||||||||||||||||||
| Total liabilities |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Unappropriated |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Total Voya Financial, Inc. shareholders' equity |
|
(
|
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Total shareholders' equity |
|
(
|
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||
|
230
|
||||||||
| Consolidated Statements of Operations: | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended, | ||||||||||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||
| (in millions, except per share data) | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | |||||||||||||||||||||||||||||
| Fee income | $ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(1)
|
||||||||||||||||||
| Total revenues |
|
|
|
(1)
|
|
|
|
|
|
|
(1)
|
|||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes |
|
|
|
(1)
|
(
|
|
(
|
(
|
|
(
|
(1)
|
|||||||||||||||||||||||||||
| Income tax expense (benefit) |
(
|
|
(
|
(1)
|
|
|
|
(
|
|
(
|
(1)
|
|||||||||||||||||||||||||||
| Net income (loss) from continuing operations |
|
|
|
(1)
|
(
|
|
(
|
(
|
|
(
|
(1)
|
|||||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
(
|
(
|
(
|
(
|
|
(
|
(1)
|
(
|
|
(
|
(1)
|
|||||||||||||||||||||||||||
| Net Income (loss) |
(
|
(
|
(
|
(
|
|
(
|
(
|
|
(
|
(1)
|
||||||||||||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
(
|
(
|
(
|
(
|
|
(
|
(
|
|
(
|
(1)
|
||||||||||||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
|||||||||||||||||||
| Net income (loss) per common share: | ||||||||||||||||||||||||||||||||||||||
| Basic | ||||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
||||||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
|||||||||||||||||||
| Diluted | ||||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
|
$ |
|
(1)
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
||||||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
|||||||||||||||||||
|
231
|
||||||||
| Three Months Ended, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share data) | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | ||||||||||||||||||||||||||||||||||||||
| Other net realized capital gains (losses) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(1)
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
$ |
(
|
$ |
|
$ |
(
|
(1)
|
|||||||||||||||||||||||
| Total net realized capital gains (losses) |
(
|
|
(
|
|
|
|
(1)
|
(
|
|
(
|
(1)
|
(
|
|
(
|
(1)
|
|||||||||||||||||||||||||||||||||||
| Total revenues |
|
|
|
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
|||||||||||||||||||||||||||||||||||
| Policyholder benefits |
|
|
|
(1)
|
|
(
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Operating expenses |
|
|
|
|
(
|
|
|
|
|
|
|
|
(1)
|
|||||||||||||||||||||||||||||||||||||
| Net amortization of Deferred policy acquisition costs and Value of business acquired |
|
|
|
|
|
|
(1)
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||
| Interest expense |
|
|
|
(1)
|
|
|
|
(1)
|
|
(
|
|
|
|
|
(1)
|
|||||||||||||||||||||||||||||||||||
| Total benefits and expenses |
|
|
|
|
(
|
|
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes from continuing operations |
|
(
|
|
|
|
|
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) |
|
|
|
(1)
|
|
|
|
(1)
|
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Net income (loss) from continuing operations |
|
(
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Income from Discontinued Operations, net of tax |
(
|
|
(
|
(1)
|
|
|
|
(1)
|
(
|
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Net Income (loss) |
|
(
|
|
|
|
|
|
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
|
(
|
|
|
|
|
|
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||
| Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
| Net income (loss) per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
| Diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
|
232
|
||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||
| Three Months Ended, | Nine Months Ended, | |||||||||||||||||||||||||
| September 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||
| (in millions) | As Originally Reported | Revision | As Revised | As Originally Reported | Revision | As Revised | ||||||||||||||||||||
| Net income (loss) | $ |
(
|
$ |
|
$ |
(
|
(1)
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||
| Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||
| Unrealized gains (losses) on securities |
|
(
|
|
|
(
|
|
||||||||||||||||||||
| Impairments |
|
|
|
(1)
|
|
|
|
(1)
|
||||||||||||||||||
| Pension and other postretirement benefits liabilities |
|
|
|
(1)
|
(
|
|
(
|
(1)
|
||||||||||||||||||
| Other comprehensive income (loss), before tax |
|
(
|
|
|
(
|
|
||||||||||||||||||||
| Income tax expense (benefit) related to items of other comprehensive income (loss) |
|
(
|
|
|
(
|
|
||||||||||||||||||||
| Other comprehensive income (loss), after tax |
|
(
|
|
|
(
|
|
||||||||||||||||||||
| Comprehensive income (loss) |
|
$ |
(
|
|
|
(
|
|
|||||||||||||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interest |
|
$ |
|
|
(1)
|
|
|
|
(1)
|
|||||||||||||||||
| Comprehensive income (loss) attributable to Voya Financial, Inc. | $ |
|
$ |
(
|
$ |
|
$ |
|
(
|
$ |
|
|||||||||||||||
|
233
|
||||||||
| Type of Investments | Cost | Fair Value |
Amount
Shown on Consolidated Balance Sheet |
||||||||||||||
| Fixed maturities: | |||||||||||||||||
| U.S. Treasuries | $ |
|
$ |
|
$ |
|
|||||||||||
| U.S. Government agencies and authorities |
|
|
|
||||||||||||||
| State, municipalities, and political subdivisions |
|
|
|
||||||||||||||
| U.S. corporate public securities |
|
|
|
||||||||||||||
| U.S. corporate private securities |
|
|
|
||||||||||||||
|
Foreign corporate public securities and foreign governments
(1)
|
|
|
|
||||||||||||||
|
Foreign corporate private securities
(1)
|
|
|
|
||||||||||||||
| Residential mortgage-backed securities |
|
|
|
||||||||||||||
| Commercial mortgage-backed securities |
|
|
|
||||||||||||||
| Other asset-backed securities |
|
|
|
||||||||||||||
| Total fixed maturities, including securities pledged |
|
|
|
||||||||||||||
| Equity securities, available-for-sale |
|
|
|
||||||||||||||
| Short-term investments |
|
|
|
||||||||||||||
| Mortgage loans on real estate |
|
|
|
||||||||||||||
| Policy loans |
|
|
|
||||||||||||||
| Limited partnerships/corporations |
|
|
|
||||||||||||||
| Derivatives |
|
|
|
||||||||||||||
| Other investments |
|
|
|
||||||||||||||
| Total investments | $ |
|
$ |
|
$ |
|
|||||||||||
|
234
|
||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Investments: | |||||||||||
|
Fixed maturities, available-for-sale, at fair value (amortized cost of $
|
$ |
|
$ |
|
|||||||
| Limited partnerships/corporations |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
| Investments in subsidiaries |
|
|
|||||||||
| Total investments |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Short-term investments under securities loan agreements, including collateral delivered |
|
|
|||||||||
| Loans to subsidiaries and affiliates |
|
|
|||||||||
| Due from subsidiaries and affiliates |
|
|
|||||||||
| Current income taxes |
|
|
|||||||||
| Deferred income taxes |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Short-term debt | $ |
|
$ |
|
|||||||
| Long-term debt |
|
|
|||||||||
| Derivatives |
|
|
|||||||||
| Due to subsidiaries and affiliates |
|
|
|||||||||
| Current income taxes |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Shareholders' equity: | |||||||||||
|
Preferred stock ($
|
|
|
|||||||||
|
Common stock ($
|
|
|
|||||||||
|
Treasury stock (at cost;
|
(
|
(
|
|||||||||
| Additional paid-in capital |
|
|
|||||||||
| Accumulated other comprehensive income (loss) |
|
|
|||||||||
| Retained earnings (deficit): | |||||||||||
| Unappropriated |
(
|
(
|
|||||||||
| Total Voya Financial, Inc. shareholders' equity |
|
|
|||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
|
|||||||
|
235
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Net investment income | $ |
|
$ |
|
$ |
|
|||||||||||
| Net realized capital gains (losses) |
|
(
|
|
||||||||||||||
| Other revenue |
|
|
(
|
||||||||||||||
| Total revenues |
|
|
(
|
||||||||||||||
| Expenses: | |||||||||||||||||
| Interest expense |
|
|
|
||||||||||||||
| Other expenses |
|
|
|
||||||||||||||
| Total expenses |
|
|
|
||||||||||||||
|
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
|
(
|
(
|
(
|
||||||||||||||
| Income tax expense (benefit) |
(
|
(
|
(
|
||||||||||||||
| Net income (loss) before equity in earnings (losses) of subsidiaries |
(
|
|
(
|
||||||||||||||
| Equity in earnings (losses) of subsidiaries, net of tax |
(
|
(
|
|
||||||||||||||
| Net income (loss) available to Voya Financial, Inc. |
(
|
(
|
|
||||||||||||||
| Less: Preferred stock dividends |
|
|
|
||||||||||||||
| Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
Net income (loss) available to Voya Financial, Inc.
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Other comprehensive income (loss), after tax |
|
|
(
|
||||||||||||||
|
Comprehensive income (loss) attributable to Voya Financial, Inc.
|
$ |
|
$ |
|
$ |
(
|
|||||||||||
|
236
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||
| Net income (loss) available to Voya Financial, Inc. | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Adjustments to reconcile Net income (loss) available to Voya Financial, Inc. to Net cash used in operating activities:
|
|||||||||||||||||
| Equity in (earnings) losses of subsidiaries |
|
|
(
|
||||||||||||||
| Dividends from subsidiaries |
|
|
|
||||||||||||||
| Deferred income tax expense (benefit) |
|
(
|
|
||||||||||||||
| Net realized capital losses |
(
|
|
|
||||||||||||||
| Share-based compensation |
|
|
|
||||||||||||||
| Change in: | |||||||||||||||||
| Other receivables and asset accruals |
(
|
(
|
|
||||||||||||||
| Due from subsidiaries and affiliates |
|
|
|
||||||||||||||
| Due to subsidiaries and affiliates |
(
|
|
|
||||||||||||||
| Other payables and accruals |
|
(
|
(
|
||||||||||||||
| Other, net |
|
|
|
||||||||||||||
| Net cash provided/(used) in operating activities |
|
(
|
(
|
||||||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||
|
Proceeds from the sale, maturity, disposal or redemption of equity securities
|
|
|
|
||||||||||||||
| Acquisition of: | |||||||||||||||||
| Fixed maturities |
|
(
|
|
||||||||||||||
| Equity securities |
|
(
|
(
|
||||||||||||||
| Limited partnerships/corporations |
|
(
|
|
||||||||||||||
| Short-term investments, net |
|
|
|
||||||||||||||
| Derivatives, net |
|
|
|
||||||||||||||
| Maturity (issuance) of short-term intercompany loans, net |
(
|
(
|
|
||||||||||||||
| Return of capital contributions and dividends from subsidiaries |
|
|
|
||||||||||||||
| Capital contributions to subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Other, net |
|
|
(
|
||||||||||||||
| Net cash provided/(used) in investing activities |
(
|
|
|
||||||||||||||
|
237
|
||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||
| Proceeds from issuance of debt with maturities of more than three months |
|
|
|
||||||||||||||
| Repayment of debt with maturities of more than three months |
|
(
|
(
|
||||||||||||||
| Debt issuance costs |
|
|
(
|
||||||||||||||
| Net proceeds from (repayments of) short-term loans to subsidiaries |
|
|
(
|
||||||||||||||
| Proceeds from issuance of common stock, net |
|
|
|
||||||||||||||
| Proceeds from issuance of preferred stock, net |
|
|
|
||||||||||||||
| Share-based compensation |
(
|
(
|
(
|
||||||||||||||
| Common stock acquired - Share repurchase |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on common stock |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on preferred stock |
(
|
(
|
|
||||||||||||||
| Net cash provided/(used) in financing activities |
(
|
(
|
(
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
|
(
|
||||||||||||||
| Cash and cash equivalents, beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents, end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental cash flow information: | |||||||||||||||||
| Income taxes paid (received), net | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
| Interest paid |
|
|
|
||||||||||||||
|
238
|
||||||||
| As of December 31, | |||||||||||||||||||||||
| Subsidiaries | Rate | Maturity Date | 2020 | 2019 | |||||||||||||||||||
| Voya Institutional Plan Services, LLC |
|
01/04/2021 |
|
|
|||||||||||||||||||
| Voya Custom Investments LLC |
|
01/07/2021 |
|
|
|||||||||||||||||||
| Voya Capital |
|
01/07/2020 |
|
|
|||||||||||||||||||
| Voya Investment Management, LLC |
|
01/22/2021 |
|
|
|||||||||||||||||||
| Voya Payroll Management, Inc. |
|
01/04/2021 |
|
|
|||||||||||||||||||
| Voya Holdings Inc. |
|
01/10/2020 |
|
|
|||||||||||||||||||
| Voya Holdings Inc. |
|
01/30/2020 |
|
|
|||||||||||||||||||
| Voya Services Company |
|
01/04/2021 |
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
|||||||||||||||||||
|
239
|
||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Intercompany financing - Subsidiaries | $ |
|
$ |
|
|||||||
| Total | $ |
|
$ |
|
|||||||
|
240
|
||||||||
| Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
Voya Holdings Inc.
(1)
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Security Life of Denver International Ltd |
|
|
|
||||||||||||||
| Security Life of Denver Insurance Company |
|
|
|
||||||||||||||
| Voya Financial Products Company, Inc. |
|
|
|
||||||||||||||
|
Voya Services Company
(2)
|
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
|
241
|
||||||||
| Segment | DAC and VOBA | Future Policy Benefits and Contract Owner Account Balances |
Unearned
Premiums
(1)
|
||||||||||||||||||||
| 2020 | |||||||||||||||||||||||
|
Retirement
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||
| Investment Management |
|
|
|
||||||||||||||||||||
|
Employee Benefits
|
|
|
|
* | |||||||||||||||||||
| Corporate |
|
|
|
||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||||||||
| 2019 | |||||||||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
|||||||||||||||||
| Investment Management |
|
|
|
||||||||||||||||||||
| Employee Benefits |
|
|
(
|
||||||||||||||||||||
| Corporate |
|
|
|
||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
(
|
|||||||||||||||||
| Segment |
Net Investment Income
(1)(2)
|
Premiums and Fee Income
(1)(2)
|
Interest Credited and Other Benefits
to Contract Owners |
Amortization of DAC and VOBA |
Other
Operating
Expenses
(1)(2)
|
Premiums Written (Excluding Life) | ||||||||||||||||||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Investment Management |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Employee Benefits |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Corporate |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Investment Management |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Employee Benefits |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Corporate |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||||||||
| Retirement | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Investment Management |
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Employee Benefits |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Corporate |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
242
|
||||||||
| Gross | Ceded | Assumed | Net |
Percentage
of Assumed to Net |
|||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| Life insurance in force | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Premiums: | |||||||||||||||||||||||||||||
| Life insurance | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Accident and health insurance |
|
|
|
|
|
% | |||||||||||||||||||||||
| Annuity contracts |
|
|
|
|
|
% | |||||||||||||||||||||||
| Total premiums | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||
| Life insurance in force | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Premiums: | |||||||||||||||||||||||||||||
| Life insurance | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Accident and health insurance |
|
|
|
|
|
% | |||||||||||||||||||||||
| Annuity contracts |
|
|
|
|
|
% | |||||||||||||||||||||||
| Total premiums | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||
| Life insurance in force | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Premiums: | |||||||||||||||||||||||||||||
| Life insurance | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
| Accident and health insurance |
|
|
|
|
|
% | |||||||||||||||||||||||
| Annuity contracts |
|
|
|
|
|
% | |||||||||||||||||||||||
| Total premiums | $ |
|
$ |
|
$ |
|
$ |
|
|
% | |||||||||||||||||||
|
243
|
||||||||
| Balance at January 1, |
Charged to
Costs and Expenses |
Write-offs/
Payments/ Other |
Balance at December 31, | ||||||||||||||||||||
| 2020 | |||||||||||||||||||||||
| Valuation allowance on deferred tax assets | $ |
|
$ |
(
|
(1) | $ |
|
$ |
|
||||||||||||||
| Allowance for credit losses on mortgage loans on real estate |
|
(2) |
|
(
|
|
||||||||||||||||||
| Allowance for credit losses on reinsurance recoverable |
|
(2) |
|
|
|
||||||||||||||||||
| 2019 | |||||||||||||||||||||||
| Valuation allowance on deferred tax assets | $ |
|
$ |
(
|
(1) | $ |
|
$ |
|
||||||||||||||
| Allowance for credit losses on mortgage loans on real estate |
|
(
|
|
|
|||||||||||||||||||
| Allowance for credit losses on reinsurance recoverable |
|
|
|
|
|||||||||||||||||||
| 2018 | |||||||||||||||||||||||
| Valuation allowance on deferred tax assets | $ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||
| Allowance for credit losses on mortgage loans on real estate |
|
(
|
|
|
|||||||||||||||||||
| Allowance for credit losses on reinsurance recoverable |
|
|
|
|
|||||||||||||||||||
|
244
|
||||||||
|
245
|
||||||||
|
246
|
||||||||
|
(shares in millions)
|
2019 Omnibus Plan
(2)
|
2014 Omnibus Plan | 2013 Omnibus Plan | ||||||||||||||
| Authorized for issuance | 12.0 | 17.8 | 7.7 | ||||||||||||||
| Issued and reserved for issuance of outstanding: | |||||||||||||||||
| RSUs | 0.7 | 5.9 | 3.1 | ||||||||||||||
| RSUs - Deal incentive awards | — | — | — | ||||||||||||||
|
PSU awards
(1)
|
0.7 | 4.7 | 2.0 | ||||||||||||||
| Stock options | — | 3.9 | 2.3 | ||||||||||||||
| Shares available for issuance | 10.6 | 3.3 | 0.3 | ||||||||||||||
|
247
|
||||||||
|
248
|
||||||||
| Exhibit Index | ||||||||
| Exhibit No. | Description of Exhibit | |||||||
| 2.1 | ||||||||
| 2.2 | ||||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 3.4 | ||||||||
| 4.01 | ||||||||
| 4.02 | ||||||||
| 4.03 | ||||||||
| 4.04 | ||||||||
| 4.05 | ||||||||
| 4.06 | ||||||||
| 4.07 | ||||||||
| 4.08 | ||||||||
| 4.09 | ||||||||
| 4.10 | ||||||||
| 4.11 | ||||||||
| 4.12 | ||||||||
|
249
|
||||||||
| Exhibit No. | Description of Exhibit | |||||||
| 10.01 | ||||||||
| 10.02 | ||||||||
| 10.03 | ||||||||
| 10.04 | ||||||||
| 10.05 | ||||||||
| 10.06 | ||||||||
| 10.07 | ||||||||
| 10.08 | ||||||||
| 10.09 | ||||||||
| 10.10 | ||||||||
| 10.11 | ||||||||
| 10.12 | ||||||||
| 10.13 | ||||||||
| 10.14 | ||||||||
| 10.15 | ||||||||
| 10.16 | ||||||||
|
250
|
||||||||
| Exhibit No. | Description of Exhibit | |||||||
| 10.17 | ||||||||
| 10.18 | ||||||||
| 10.19 | ||||||||
| 10.20* | ||||||||
| 10.21* | ||||||||
| 10.22* | ||||||||
| 10.23 | ||||||||
| 10.24 | ||||||||
| 10.25 | ||||||||
| 10.26 | ||||||||
| 10.27 | ||||||||
| 10.28 | ||||||||
| 10.29 | ||||||||
| 10.30 | ||||||||
| 10.31 | ||||||||
| 10.32 | ||||||||
| 10.33 | ||||||||
|
251
|
||||||||
| Exhibit No. | Description of Exhibit | |||||||
| 10.34+ | ||||||||
| 10.35+ | ||||||||
| 10.36+ | ||||||||
| 10.37+ | ||||||||
| 10.38+ | ||||||||
| 10.39+ | ||||||||
| 10.40+ | ||||||||
| 10.41+ | ||||||||
| 10.42+ | ||||||||
| 10.43+ | ||||||||
| 10.44*+ | ||||||||
| 10.45+ | ||||||||
| 10.46+ | ||||||||
| 10.47+ | ||||||||
| 10.48+ | ||||||||
| 10.49+ | ||||||||
| 10.50+ | ||||||||
| 10.51+ | ||||||||
| 10.52+ | ||||||||
| 10.53+ | ||||||||
| 10.54 | ||||||||
| 10.55+ | ||||||||
|
252
|
||||||||
| Exhibit No. | Description of Exhibit | |||||||
| 10.56+ | ||||||||
| 10.57+ | ||||||||
| 10.58+ | ||||||||
| 10.59+ | ||||||||
| 10.60+ | ||||||||
| 10.61 | ||||||||
| 10.62+ | ||||||||
| 10.63+ | ||||||||
| 10.64+ | ||||||||
| 10.65** | ||||||||
| 10.66+ | ||||||||
| 10.67+ | ||||||||
| 10.68+ | ||||||||
| 10.69+ | ||||||||
| 21.1* | ||||||||
| 23.1* | ||||||||
| 24.1 | ||||||||
| 31.1* | ||||||||
| 31.2* | ||||||||
| 32.1* | ||||||||
| 32.2* | ||||||||
| 101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 101.SCH* | XBRL Taxonomy Extension Schema | |||||||
| 101.CAL* | XBRL Taxonomy Extension Calculation Linkbase | |||||||
| 101.DEF* | XBRL Taxonomy Extension Definition Linkbase | |||||||
| 101.LAB* | XBRL Taxonomy Extension Label Linkbase | |||||||
| 101.PRE* | XBRL Taxonomy Extension Presentation Linkbase | |||||||
|
253
|
||||||||
| March 1, 2021 | Voya Financial, Inc. | ||||||||||
| (Date) | (Registrant) | ||||||||||
| By: /s/ | Michael S. Smith | ||||||||||
| Michael S. Smith | |||||||||||
| Executive Vice President and | |||||||||||
| Chief Financial Officer | |||||||||||
| (Duly Authorized Officer and Principal Financial Officer) | |||||||||||
|
254
|
||||||||
|
255
|
||||||||
| Signatures | Title | Date | |||||||||||||||
| By: /s/ | Rodney O. Martin, Jr. |
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
March 1, 2021 | ||||||||||||||
| Rodney O. Martin, Jr. | |||||||||||||||||
| By: /s/ | Lynne Biggar | Director | March 1, 2021 | ||||||||||||||
|
Lynne Biggar
|
|||||||||||||||||
| By: /s/ | Jane P. Chwick | Director | March 1, 2021 | ||||||||||||||
|
Jane P. Chwick
|
|||||||||||||||||
| By: /s/ | Kathleen DeRose | Director | March 1, 2021 | ||||||||||||||
| Kathleen DeRose | |||||||||||||||||
| By: /s/ | Ruth Ann M. Gillis | Director | March 1, 2021 | ||||||||||||||
| Ruth Ann M. Gillis | |||||||||||||||||
| By: /s/ | Aylwin Lewis | Director | March 1, 2021 | ||||||||||||||
| Aylwin Lewis | |||||||||||||||||
| By: /s/ | Bryon H. Pollitt, Jr. | Director | March 1, 2021 | ||||||||||||||
| Byron H. Pollitt, Jr. | |||||||||||||||||
| By: /s/ | Joseph V. Tripodi | Director | March 1, 2021 | ||||||||||||||
| Joseph V. Tripodi | |||||||||||||||||
| By: /s/ | David Zwiener | Director | March 1, 2021 | ||||||||||||||
| David Zwiener | |||||||||||||||||
| By: /s/ | Michael S. Smith |
Chief Financial Officer
(Principal Financial Officer)
|
March 1, 2021 | ||||||||||||||
| Michael S. Smith | |||||||||||||||||
| By: /s/ | C. Landon Cobb, Jr. |
Chief Accounting Officer
(Principal Accounting Officer)
|
March 1, 2021 | ||||||||||||||
| C. Landon Cobb, Jr. | |||||||||||||||||
|
256
|
||||||||